Consumer durables major Videocon group is divesting its 26 per cent equity in Samsung Electronics India for a consideration of around Rs 200-250 crore.
Reasonable Computer Solutions, a company of the Videocon group, holds about 26 per cent stake in the Delhi headquartered Samsung Electronics India and the Korean parent has already received permission from the Foreign Investment Promotion Board for conversion of the Indian arm into a wholly owned subsidiary.
Venugopal Dhoot, chairman of Videocon group, confirmed the development but declined to say more.
The FIPB had cleared the proposal by Samsung company to convert Samsung Electronics India into a wholly-owned subsidiary in October this year. This is Samsung