Videocon may sell stake in telecom biz
Mumbai, August 30, Press Trust of India:
Videocon, on Monday, said it is in talks with foreign entities for a 26 per cent stake sale in its telecom subsidiary Videocon Telecommunications and that a deal would fructify 'very soon'.
“You will see us diluting 26 per cent equity in our (telecom) business very soon...we are looking for a total valuation of Rs 15,000-crore,” Videocon’s Chairman V N Dhoot told reporters.
His statement comes amidst reports of the diversified company being in talks with South Korean company S K Telecom, after having failed in talks with UAE’s Etisalat and Turkey’s Turkcell over valuation issues. He did not specify whether it would be a strategic sale or sale to a financial investor.
