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Videocon Industries Limited.
Company typePrivate
ISININE703A01011
IndustryConglomerate
Founded1979;45 years ago(1979)
FounderVenugopal Dhoot[1]
Headquarters
Mumbai,Maharashtra
,
India
Area served
Worldwide
Key people
Venugopal Dhoot
(Chairman & MD)[1]
Products
RevenueDecrease₹12,828.6 crore
(US$1.95 billion) (2017)[2]
Decrease₹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]
OwnerVedanta Resources
Number of employees
10,000(2012)
Websitevideoconindustriesltd

Videocon Industries Limitedis an Indian multinationalconglomerate,headquartered inMumbai.[3]The company was founded in 1979, byVenugopal Dhoot.The group had 17 manufacturing sites inIndiaand plants inMainland China,Poland,ItalyandMexico.It was the third largestpicture tubemanufacturer 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,NCLTapprovedVedanta Group's bid to take over Videocon, paving the way for the new ownership.[6]

Early years

In 1985,Aurangabadbased Nandlal Madhavlal Dhoot founded and incorporated Videocon International with a goal of manufacturing 1lakhTV sets per year. "Videocon became the first company to bring colour TVs in India,"claims Anirudh Dhoot, the founder's grandson (Venugopal Dhoot'sson) and Videocon's current director.[7]

Corporate profile

The Videocon group's core areas of business areconsumer electronicsandhome appliances.They diversified into areas such asDTH,powerandoil exploration.

Consumer electronics

In India, the group sold consumer products likecolour televisions,washing machines,air conditioners,refrigerators,microwave ovensand 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]

Mobile phones

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 (1paisais the 100th unit of 1Indian Rupee) per second with bundledSIMcards 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 fieldwhich is operated byCairn IndiainAndhra Pradesh.[13]

Acquisition of CPT arm of Thomson SA

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]

Decline

In 2018, following losses in its oil businesses, the company entered insolvency proceedings.[16]

Controversy with ICICI loan fraud

On 4 October 2018,Chanda Kochhar,the ex MD and CEO ofICICI Bankhad to step down from her position followingallegations of corruptionin sanctioning loans to Videocon.[17]Amidst investigations related toVideoconbad loans, she was forced by the board ofICICI Bankto take indefinite leave. TheCentral Bureau of Investigationnamed 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 Bakhshibecame the full time Managing Director and CEO of ICICI Bank.[17][19]

See also

References

  1. ^ab"Annual report"(PDF).videocon industries.Archived(PDF)from the original on 30 August 2018.Retrieved29 August2018.
  2. ^abcd"Financial Reports".Videocon Industries Limited.Archivedfrom the original on 19 May 2018.Retrieved4 June2018.
  3. ^"Videocon Industries Investor Relations: Corporate Governance".Archivedfrom the original on 5 June 2018.Retrieved4 June2018.
  4. ^"Tube Opportunist".Forbes.Archivedfrom the original on 31 December 2019.Retrieved31 December2019.
  5. ^"Videocon unit takes off".30 August 2015. Archived fromthe originalon 9 July 2018.Retrieved22 May2017.
  6. ^"Vedanta arm gets nod for Videocon takeover".The Indian Express.9 June 2021.Retrieved16 December2021.
  7. ^Bhatt, Shephali (12 August 2015)."Independence Day Special: How Videocon changed the country's viewing experience with colour TVs".The Economic Times.Retrieved26 January2020.
  8. ^Singh, A."Market share".Archivedfrom the original on 3 November 2013.Retrieved31 October2013.
  9. ^"Videocon Mobile Phones, Compare/Buy Online Mobile Phones Deals India".Videoconmobiles. Archived fromthe originalon 30 December 2014.Retrieved29 July2010.
  10. ^Aditya Dey."Videocon A55HD Launched in India for Rs. 13,499".TechStake.Archivedfrom the original on 1 July 2013.Retrieved29 June2013.
  11. ^"Videocon Mobiles Krypton3".videoconmobiles.Archived fromthe originalon 26 November 2016.Retrieved27 November2016.
  12. ^"Videocon Krypton3 V50JG launch date".91mobiles.Archivedfrom the original on 27 November 2016.Retrieved27 November2016.
  13. ^"Ravva Oil and Gas Field, India".Offshore Technology.Archivedfrom the original on 5 April 2016.Retrieved1 January2016.
  14. ^"Videocon buys Thomson's global picture-tube biz for Rs 1,260 cr | Business Line".28 June 2005.Archivedfrom the original on 10 May 2017.Retrieved31 July2015.
  15. ^"Videocon FY 2006 Annual Report"(PDF).videoconworld. Archived fromthe original(PDF)on 6 March 2009.Retrieved24 November2008.
  16. ^"Videocon Insolvency: Videocon Industries Admitted Under Insolvency and Bankruptcy Code - Bloomberg Quint".6 June 2018.Archivedfrom the original on 19 June 2018.Retrieved7 June2018.
  17. ^ab"Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO - Times of India".The Times of India.Archivedfrom the original on 5 October 2018.Retrieved4 October2018.
  18. ^"Who is Who named by CBI in Chanda Kochhar Case".Indian Express.Archivedfrom the original on 27 January 2019.Retrieved27 January2019.
  19. ^"ICICI-Videocon loan controversy: Companies involved come under ministry of corporate affairs' scanner - Firstpost".7 June 2018.Archivedfrom the original on 12 June 2018.Retrieved7 June2018.

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