Videocon to take over CPT unit in Italy

The Videocon group is planning to take over a colour picture tube (CPT) plant in Anagni, Italy.

According to a release issued to the BSE today, "the plant has a capacity of three million CPTs per annum. Annual sales are likely to be in the range of around 200-250 million euros. The facility belonged to the Thomson Group."

Videocon is planning to meet the funding requirements for the acquisition through an offshore arm on `stand alone' or `no recourse' basis.

"The group will eventually use the Anagni unit as an European hub for manufacturing consumer products and components," the release added.