Videocon Industries’ promoters are reportedly planning to invest Rs 3,000 crore more equity into the company, as banks are threatening to send consumer durables maker to the National Corporate Law Tribunal (NCLT) under the insolvency and bankruptcy code.
This exercise would be apart from the company taking steps on its own to sell assets worth Rs 10,000 crore to reduce its domestic debt worth Rs 22,000 crore. The company’s overseas debt, which is worth another Rs 22,000 crore, is backed by global oil assets and it does not foresee any problem servicing its overseas loans.
