The Dhoots of the Videocon group have decided to offload their existing 30 per cent shareholding in Matsushita Air-Conditioning India Ltd, its airconditioner (ACs) manufacturing joint venture with Matsushita of Japan. The ACs are sold under the National brandname.
According to sources, Matsushita, which has 70 per cent shareholding in the Chennai-based joint venture, has already approached the foreign investment promotion board (FIPB) to increase its stake to 100 per cent by acquiring the shares held by Dhoot.
Videocon group chairman V N Dhoot, however, said that he is yet to make a final decision on the exit.