Haier, Blackstone, Goldman Sachs may buy Videocon’s electronics business

Global investment firms such as Blackstone and Goldman Sachs along with leading appliance maker Haier are teaming up to buy Videocon’s consumer electronic business as reported with leading media agencies. As per the sources, the current market valuation of Videocon’s consumer electronics business stands at $2 billion.

A formal auction process has already begun this week. The investment firms may look for local tie-ups prior to placing binding bids, sources said. However, there are no official words from either sides.

Videocon Industries Ltd, the listed parent that houses the consumer electronics business, is steeped in Rs 20,000 crore of debt and was plunged into bankruptcy proceedings in June after it failed to repay a group of lenders led by State Bank of India.