 | |
| Company type | Private |
|---|---|
| ISIN | INE703A01011 |
| Industry | Conglomerate |
| Founded | 1979; 47 years ago (1979) |
| Founder | Nandlal Dhoot |
| Defunct | 2021; 4 years ago |
| Headquarters | , India |
Area served | Worldwide |
Key people | Anandilal Kathpitia (Chairman & MD)[1] |
| Products | |
| Revenue |  ₹12,828.6 crore(US$1.95 billion) (2017)[2] |
| ₹1,915.67 crore (US$291 million) (2017)[2] | |
| Total assets | ₹35,738.5 crore (US$5.43 billion) (2017)[2] |
| Total equity | ₹8,391.07 crore (US$1.27 billion) (2017)[2] |
| Owner | Vedanta Resources |
Number of employees | 10,000(2012) |
| Website | videoconindustriesltd |
Videocon Industries Limited was an Indian multinationalconglomerate, headquartered inMumbai.[3] The company was founded in 1979, byVenugopal Dhoot. The group had 17 manufacturing sites inIndia and plants inmainland China,Poland,Italy andMexico. It was the third largestpicture tube manufacturer in the world[4] valued atUS$5.5 billion.[5]
The company stopped trading and entered corporate insolvency proceeding in June 2018. In June 2021,NCLT approvedVedanta Group's bid to take over Videocon, paving the way for the new ownership.[6]
In 1985,Aurangabad based Nandlal Madhavlal Dhoot founded and incorporated Videocon International with a goal of manufacturing 1lakh TV sets per year. "Videocon became the first company to bring colour TVs in India," claims Anirudh Dhoot, the founder's grandson (Venugopal Dhoot's son) and Videocon's current director.[7]
The Videocon group's core areas of business areconsumer electronics andhome appliances. They diversified into areas such asDTH,power andoil exploration.
In India, the group sold consumer products likecolour televisions,washing machines,air conditioners,refrigerators,microwave ovens and many other home appliances, through a multi-brand strategy with the largest sales and service network in India.
Since the entry of Korean Chaebols and their rising popularity in the Indian market, Videocon from a stand-point of market leader has seen a slow decline to become a no. 3 player in India. The company continued to do well in the washing machine and refrigerator segment.[8]
In November 2009, Videocon launched its new line of mobile phones.[9] Videocon has since launched a number of handsets ranging from basic colour FM phones to high-end Android devices. In February 2011, Videocon Mobile Phones launched the hitherto unknown concept of 'Zero' paise (1paisa is the 100th unit of 1Indian rupee) per second with bundledSIM cards of Videocon mobile services for 7 of its handset models. In July 2015, Videocon Mobiles launched its own flagship smartphone Videocon Infinium Z51+ in India.[10] On 7 June 2016, Videocon Mobile launched its new smartphone 'Videocon Cube3 V50290'[11] in India.[12]
Videocon Petroleum had 25% stake inRavva oil field which is operated byCairn India inAndhra Pradesh.[13]
Videocon acquired the colour picture tube (CPT) businesses fromThomson S.A. of France having manufacturing facilities in Poland, Italy, Mexico and China along with support research and development facilities in the fiscal year 2005.[14][15]
In 2018, following losses in its oil businesses, the company entered insolvency proceedings.[16]
On 4 October 2018,Chanda Kochhar, the ex MD and CEO ofICICI Bank had to step down from her position followingallegations of corruption in sanctioning loans to Videocon.[17] Amidst investigations related toVideocon bad loans, she was forced by the board ofICICI Bank to take indefinite leave. TheCentral Bureau of Investigation named Chanda Kochhar and her husband Deepak Kochhar as beneficiaries in the financial fraud between June 2009 and October 2011.Venugopal Dhoot, the promoter of Videocon had fraudulently transferred part of the loan received from ICICI Bank to the Kochhars' business entreprise[18] after Chanda Kochhar,Sandeep Bakhshi became the full time managing director and CEO of ICICI Bank.[17][19]
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