Videocon plans Rs 137 cr buy in Taiwan

Consumer durables giant Videocon Industries is in advanced stages of negotiations to buy the plasma display panel production facilities of Chunghwa Picture Tubes, a Taiwan-based picture-tube major, for $30 million (Rs 137 crore.)

While the company refused to comment on the issue, sources close to the development said the acquisition would be a major shot in the arm for the TV manufacturer, which has been finding it difficult to fight off competition from South Korean companies in the high-end flat-panel television market.

Chunghwa has been suffering losses in its plasma panel manufacturing unit for the last three years and had stopped production of plasma-panels at the beginning of this year. The company also manufactures normal picture tubes and LCD panels in addition to the plasma panels.