Sources familiar to the developments said that the compnay will make the buyout announce on Monday.
However, Videocon declined to comment on the deal. Meanwhile, Elcoteq said in a statement to its stock exchange that it has signed a “non-binding Letter of Intent with Videocon Industries Ltd, granting the authority to negotiate and finalise a potential Definitive Transaction Agreement.”
(Published 02 October 2009, 15:21 IST)