Videocon denies Kenstar asset sale reports

In the past one year, the company has sold assets worth Rs 11,000 crore, to reduce its debt

In the past one year, Videocon Industries has sold assets worth Rs 11,000 crore, to reduce its debt. This week, speculation has spread that the conglomerate is selling a majority stake in Kenstar, its home and kitchen appliances business.

However, the company denied the news, in a filing on Friday to the stock exchanges.

Analysts say cutting its debt, Rs 47,554 crore at end-December 2015, is needed. Consolidated numbers for the year ended December 2016 have not been disclosed, with the company saying it was extending its accounting period by three months.

Kenstar, positioned as the company's second brand, after the flagship, has