Videocon renews Daewoo bid

Still keen on Korean firm if price is reasonable

Domestic consumer electronics company Videocon said today it has renewed its bid for ailing Korean firm Daewoo Electronics but would pursue it only if the price was reasonable.

"Yes, we have put in a fresh bid for Daewoo but this time around we will pursue it if only the valuation is right," Videocon Industries Chairman and Managing Director Venugopal Dhoot told PTI.

Asked if this was a desperate attempt to acquire Daewoo, he replied in the negative.

"In fact, we have diversified our interests in energy and power sectors, and we may not be interested in pursuing it (Daewoo) if the price is very high," Dhoot said.

Last year, Videocon's bid to acquire Daewoo Electronics fell through with the 40-odd creditors of the ailing Korean firm refusing a demand from the Indian company for a discount over the initially agreed $700 million.

The consortium of Videocon and US equity firm Ripplewood had asked about 13 per cent reduction over the agreed price, which was refused by the creditors led by Woori Bank.