Anil Agarwal’s Vedanta Group will now be the owners to Venugopal Dhoot's empire of Videocon companies.
National Company Law Tribunal approved Anil Agarwal-backed Twin Star Technologies’ bid to acquire Videocon Industries Ltd for ₹2,900 crore. This is against Videocon’s overall debt of around ₹ 46,000 crore meaning banks led by SBI & IDBI will have to take a hit of over ₹42,000 crore.
Videocon, which is in multiple businesses ranging from oils to consumer durables, was controlled by the Dhoot family before lenders dragged it to the NCLT in 2017. The NCLT rejected offer by Dhoot to take back the company paving the way for Agarwal's takeover.