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Videocon Industries plans to apply for banking license: Report

25 Jun 2013 Evaluate

Videocon Industries is reportedly planning to apply for banking license. The company is set to bring in foreign bank for banking foray and will divest part of its stake in banking foray for the banking partner. The company will launch separate subsidiary for banking foray and will hold majority stake in the company.

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. 

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