Videocon is set to sell 40 per cent stake in Next. “The company has appointed investment banker Morgan Stanely India to find a buyer. We are in talks with five retail chains from the US and Europe, which operate in the same segment”, said Venugopal Dhoot, Chairman, Videocon Industries. An additional 11 per cent of the stake will be sold later.
Incorporated in 2003, NEXT specializes in organized retailing of consumer electronics, small home appliances and mobile phones. NEXT is a multi-brand multi-product retail chain which stocks an entire range of consumer durables right from Air-conditioners, FPDs (Flat Panel Displays), CTVs, DVDs, STBs (Set Top Boxes), Home Theater Systems, Mobile Phones, Gaming Consoles, Washing Machines, Refrigerators, Microwaves to small home appliances. NEXT retails world’s most popular brands such as LG, Samsung, Videocon, Sony, Electrolux, Kelvinator, Whirlpool, Onida, Philips, Kenstar, Sansui, and its own brand.