BPCL pays for defaulting Videocon in Brazil oil block
NEW DELHI :State-owned Bharat Petroleum Corp Ltd (BPCL) has been forced to pay for its defaulting partner Videocon Industries Ltd after it had relied on a rarely used model to acquire stake in five oil blocks in Brazil, sources said. In September 2008, BPCL and Videocon Industries had formed a 50:50 joint venture to acquire […]
Bids invited for debt-ridden Videocon under insolvency resolution process
NEW DELHI: Resolution professional of debt-ridden Videocon Industries on Tuesday invited bids from prospective buyers to take control of the firm, which has interest ranging from consumer electronics to oil and gas. The corporate insolvency resolution process (CIRP) of Videocon Industries Ltd (VIL), which has debt of around RS 20,000 crore, was commenced under the […]