Videocon would bid for Daewoo Electronics

Videocon would bid for Daewoo Electronics

Indian electronics manufacturer Videocon Industries has confirmed that they will indeed submit a bid to acquire South Korean appliance maker Daewoo Electronics. This information was confirmed in the media by the group’s chairman Venugopal Dhoot.

Market analysts claim that the worth of the group is close to around USD 1 Billion through Dhoot declined to reveal their estimated worth of the group. He just mentioned that the company was still in progress of valuing the South Korean firm.

Dhoot said in a statement: “The merchant bankers of Daewoo’s creditors have approached us and we have decided to throw our hat in the ring.” Daewoo Electronics is now 97 percent owned by creditors including Korea Asset Management Corp. and Woori Bank after the parent company went bust a couple of years.

If Videocon is successful in acquiring Daewoo Electronics, it would be their third such major acquisition in less than two years.