Videocon to use Indonesia oil profits to repay loans

The oil reserves are estimated at 351.59 million barrels of oil equivalents

With government-owned Dena Bank tagging Videocon Industries as a non-performing asset (NPA), the company has vowed to use profits from its foreign assets and sell Indian assets to repay bank loans. 

Videocon Group, which has Rs 23,899 crore (as on September 2016) of debt from Indian banks, will use the profits from Indonesian oil asset to repay lenders in India, its chairman, Venugopal Dhoot said today. 

Dhoot’s comments come in the background of Dena Bank’s statement yesterday that it took a hit of about Rs 120 crore in the form of provisions and reversal of interest income in the fourth quarter