Vedanta among 11 bidders vying for Videocon's Brazil assets worth $2 bn

If sale is successful, lenders will get Rs 15,000 cr more from Videocon's debt resolution, taking their recovery to over 40%

Indian lenders have received expressions of interest from 11 bidders, including Wintershall Dea GmbH of Germany, PetroRio SA of Brazil, and India’s Vedanta for Videocon Industries’ (VIL’s) Brazil assets, valued at $2 billion. If successful, the lenders will get an additional Rs 15,000 crore from VIL’s debt resolution, thus taking their recovery to over 40 per cent.

Vedanta’s holding firm, TwinStar, has already won the mandate to buy Videocon’s Indian assets for Rs 3,000 crore and has offered a 6 per cent stake in VIL to the lenders.

Wintershall has requested the deadline for submitting the resolution plan be extended