Videocon eyes oil revenue to pare debt

Videocon Industries has debts of Rs 44,000 cr despite Rs 20,000 cr asset sales in last three years

With Dena Bank tagging its exposure to Videocon Industries as a non-performing asset (NPA), the company plans to use profits from its overseas oil and gas assets and selectively divest its domestic consumer durable business to repay debts.

“We have two large oil blocks on the verge of production in Indonesia and Brazil. These are likely to be highly profitable, allowing us to trim our domestic debt steadily,” Venugopal Dhoot, Videocon group chairman, told Business Standard when asked about deleveraging plans.

According to him, the Indonesian block is likely to start production late next year or in early 2019 and