Videocon Group

Last updated

Videocon Industries Limited
Company type Private
ISIN INE703A01011
Industry Conglomerate
Founded1979;45 years ago (1979)
Founder Venugopal Dhoot [1]
Headquarters
Mumbai, Maharashtra
,
India
Area served
Worldwide
Key people
 Venugopal Dhoot
(Chairman & MD) [1]
Products
RevenueDecrease2.svg₹12,828.6 crore
(US$1.95 billion) (2017) [2]
Decrease2.svg₹1,915.67 crore
(US$291 million) (2017) [2]
Total assets ₹35,738.5 crore
(US$5.43 billion) (2017) [2]
Total equity ₹8,391.07 crore
(US$1.27 billion) (2017) [2]
Owner Vedanta Resources
Number of employees
10,000 (2012)
Website videoconindustriesltd.com

Videocon Industries Limited is an Indian multinational conglomerate, headquartered in Mumbai. [3] The company was founded in 1979, by Venugopal Dhoot. The group had 17 manufacturing sites in India and plants in Mainland China, Poland, Italy and Mexico. It was the third largest picture tube manufacturer in the world [4] valued at US$5.5 billion. [5]

Contents

The company stopped trading and entered corporate insolvency proceeding in June 2018. In June 2021, NCLT approved Vedanta Group's bid to take over Videocon, paving the way for the new ownership. [6]

Early years

In 1985, Aurangabad based Nandlal Madhavlal Dhoot founded and incorporated Videocon International with a goal of manufacturing 1 lakh TV sets per year. "Videocon became the first company to bring colour TVs in India," claims Anirudh Dhoot, the founder's grandson (Venugopal Dhoot's son) and Videocon's current director. [7]

Corporate profile

The Videocon group's core areas of business are consumer electronics and home appliances. They diversified into areas such as DTH, power and oil exploration.

Consumer electronics

In India, the group sold consumer products like colour televisions, washing machines, air conditioners, refrigerators, microwave ovens and many other home appliances, through a multi-brand strategy with the largest sales and service network in India.

Since the entry of Korean Chaebols and their rising popularity in the Indian market, Videocon from a stand-point of market leader has seen a slow decline to become a no. 3 player in India. The company continued to do well in the washing machine and refrigerator segment. [8]

Mobile phones

In November 2009, Videocon launched its new line of mobile phones. [9] Videocon has since launched a number of handsets ranging from basic colour FM phones to high-end Android devices. In February 2011, Videocon Mobile Phones launched the hitherto unknown concept of 'Zero' paise (1 paisa is the 100th unit of 1 Indian Rupee) per second with bundled SIM cards of Videocon mobile services for 7 of its handset models. In July 2015, Videocon Mobiles launched its own flagship smartphone Videocon Infinium Z51+ in India. [10] On 7 June 2016, Videocon Mobile launched its new smartphone 'Videocon Cube3 V50290' [11] in India. [12]

Videocon Petroleum had 25% stake in Ravva oil field which is operated by Cairn India in Andhra Pradesh. [13]

Acquisition of CPT arm of Thomson SA

Videocon acquired the colour picture tube (CPT) businesses from Thomson S.A. of France having manufacturing facilities in Poland, Italy, Mexico and China along with support research and development facilities in the fiscal year 2005. [14] [15]

Decline

In 2018, following losses in its oil businesses, the company entered insolvency proceedings. [16]

Controversy with ICICI loan fraud

On 4 October 2018, Chanda Kochhar, the ex MD and CEO of ICICI Bank had to step down from her position following allegations of corruption in sanctioning loans to Videocon. [17] Amidst investigations related to Videocon bad loans, she was forced by the board of ICICI Bank to take indefinite leave. The Central Bureau of Investigation named Chanda Kochhar and her husband Deepak Kochhar as beneficiaries in the financial fraud between June 2009 and October 2011. Venugopal Dhoot, the promoter of Videocon had fraudulently transferred part of the loan received from ICICI Bank to the Kochhars' business entreprise [18] after Chanda Kochhar, Sandeep Bakhshi became the full time Managing Director and CEO of ICICI Bank. [17] [19]

See also

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The ICICI-Videocon loan scam is about a criminal conspiracy by Chanda Kochhar as Managing Director of ICICI Bank who abused her position by sanctioning a ₹3,250 crore loan to Venugopal Dhoot's Videocon International Electronics Limited (VIEL) between June 2009 and October 2011 to cheat the bank in lieu of illegal gratification and undue benefit received in NuPower Renewables Private Limited (NRPL), a company owned by Kocchar's husband, Deepak Kochhar.

References

  1. 1 2 "Annual report" (PDF). videocon industries. Archived (PDF) from the original on 30 August 2018. Retrieved 29 August 2018.
  2. 1 2 3 4 "Financial Reports". Videocon Industries Limited. Archived from the original on 19 May 2018. Retrieved 4 June 2018.
  3. ↑ "Videocon Industries Investor Relations: Corporate Governance". Archived from the original on 5 June 2018. Retrieved 4 June 2018.
  4. ↑ "Tube Opportunist". Forbes.com. Archived from the original on 31 December 2019. Retrieved 31 December 2019.
  5. ↑ "Videocon unit takes off". 30 August 2015. Archived from the original on 9 July 2018. Retrieved 22 May 2017.
  6. ↑ "Vedanta arm gets nod for Videocon takeover". The Indian Express. 9 June 2021. Retrieved 16 December 2021.
  7. ↑ Bhatt, Shephali (12 August 2015). "Independence Day Special: How Videocon changed the country's viewing experience with colour TVs". The Economic Times. Retrieved 26 January 2020.
  8. ↑ Singh, A. "Market share". Archived from the original on 3 November 2013. Retrieved 31 October 2013.
  9. ↑ "Videocon Mobile Phones, Compare/Buy Online Mobile Phones Deals India". Videoconmobiles.com. Archived from the original on 30 December 2014. Retrieved 29 July 2010.
  10. ↑ Aditya Dey. "Videocon A55HD Launched in India for Rs. 13,499". TechStake. Archived from the original on 1 July 2013. Retrieved 29 June 2013.
  11. ↑ "Videocon Mobiles Krypton3". www.videoconmobiles.com. Archived from the original on 26 November 2016. Retrieved 27 November 2016.
  12. ↑ "Videocon Krypton3 V50JG launch date". www.91mobiles.com. Archived from the original on 27 November 2016. Retrieved 27 November 2016.
  13. ↑ "Ravva Oil and Gas Field, India". Offshore Technology. Archived from the original on 5 April 2016. Retrieved 1 January 2016.
  14. ↑ "Videocon buys Thomson's global picture-tube biz for Rs 1,260 cr | Business Line". 28 June 2005. Archived from the original on 10 May 2017. Retrieved 31 July 2015.
  15. ↑ "Videocon FY 2006 Annual Report" (PDF). videoconworld.com. Archived from the original (PDF) on 6 March 2009. Retrieved 24 November 2008.
  16. ↑ "Videocon Insolvency: Videocon Industries Admitted Under Insolvency and Bankruptcy Code - Bloomberg Quint". 6 June 2018. Archived from the original on 19 June 2018. Retrieved 7 June 2018.
  17. 1 2 "Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO - Times of India". The Times of India. Archived from the original on 5 October 2018. Retrieved 4 October 2018.
  18. ↑ "Who is Who named by CBI in Chanda Kochhar Case". Indian Express. Archived from the original on 27 January 2019. Retrieved 27 January 2019.
  19. ↑ "ICICI-Videocon loan controversy: Companies involved come under ministry of corporate affairs' scanner - Firstpost". 7 June 2018. Archived from the original on 12 June 2018. Retrieved 7 June 2018.

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