Videocon to give Anil Agarwal's group majority stake in Ravva oilfield

Billionaire Anil Agarwal’s metals-to-oil group on Wednesday said it will make an upfront payment of almost USD 40 million (about Rs 292 crore) for the acquisition of Videocon Industries Ltd, which will help it become the largest shareholder in the Ravva oil and gas fields in KG basin.The National Company Law Tribunal’s Mumbai bench on Tuesday approved the acquisition of bankrupt Videocon Industries by Vedanta group firm Twin Star Technologies, with the lenders set to take a haircut of about 90 per cent.

Leave a Reply

Your email address will not be published. Required fields are marked *