Videocon asks banks to extend loan tenure

The company owes Rs 22,000 cr to a clutch of domestic banks

Videocon Industries, which owes a debt of Rs 22,000 crore to domestic banks, has asked the lenders to extend the loan tenure to enable the company to balance a “temporary” mismatch between its cash flow and repayments.

 
Group Chairman, Venugopal Dhoot, said though the company had lucrative oil and gas assets across the world, it was facing a liquidity crunch owing to losses incurred in the telecom business. The group reportedly lost about Rs 25,000 crore in its telecom business after the Supreme Court cancelled spectrum licences in 2012. “We have paid close to Rs 26,000 crore as interest to