Diversified conglomerate Videocon Industries’ subsidiary Value Industries has withdrawn from the race for licence to start new banks in the private sector. However, with this another applicant, K. C. Land & Finance, Chandigarh, whose application was received at the Reserve Bank, on July 1, 2013, but was inadvertently not included in the list of applicants for new bank licences in the private sector, has now being included in the list of 26 applicants for new bank licences in the private sector.
According to reports, Venugopal Dhoot, Chairman, Videocon Group, is likely to be nominated on the RBI board. Hence, in order to avoid conflict of interest as a company owned by him was one of the contenders for bank licence, the company decided to back-out from the race. In a similar move, Aditya Birla Group's Chairman Kumar Mangalam Birla, in July, had stepped down from the RBI board after his subsidiary company Aditya Birla Nuvo had applied for banking licence.
Videocon Industries, established two decades ago, is a global conglomerate. Videocon’s businesses consist of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.
