Videocon Industries is planning to enter into banking sector, on the back of RBI’s guidelines for new bank licenses. The entity will foray the banking sector in association with a foreign partner and has earmarked Rs 1,000 crore for the purpose.
The entity has already entered the financial sector through its joint venture with Liberty Mutual Insurance. It meets the criteria set by RBI for the new banking license and will use its experience of collaborations with foreign partners.
Videocon Industries, established two decades ago, is a global conglomerate with market capitalization of $2.5 billion. Videocon’s businesses’ consists of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.
