The Videocon Industries-led consortium has submitted a revised bid to the creditors of Daewoo Electronics for buying their stake in the South Korean electronics major.
Videocon chairman and managing director Venugopal Dhoot refused to confirm industry reports that the deal was inked on Tuesday morning, citing a non-disclosure agreement signed between the two parties a few days ago in Mumbai.\n\n
India's largest electronics firm Videocon on Monday said a consortium led by it has reached an agreement to acquire South Korea's debt-burdened Daewoo Electronics for $700 million (Rs 3,150 crore).
Consumer durables firm Videocon Industries is looking at renewing talks to acquire the ailing Korean electronics giant Daewoo Electronics.
Bonino told Business Standard that the Italian delegation, which included almost 400 top Italian CEOs, was extremely bullish on enhancing business ties with India.
The creditors of Daewoo Electronics have rejected the proposal of the Videocon Industries-led consortium to acquire the company for a lower price, with a part of the proceeds being invested in the company in the form of convertible bonds.
The much touted $730 million acquisition of Daewoo Electronics by Videocon-led consortium could fizzle out if creditors to the ailing Korean company reject a price cut demand by the proposed buyers.