The State Bank of India has invited bids for overseas oil and gas assets of Videocon Industries Ltd, a newspaper advertisement showed on Monday, as India seeks to recover billions of dollars in loans from the beleaguered private firm.
Consumer electronics firm Videocon Industries is one of the most indebted companies in India, with outstanding loans worth around 600 billion rupees ($8.53 billion) from its financial and operational creditors.
In October, SBI Caps, the investment banking arm of State Bank of India, was appointed to start the process of valuation and monetisation of the firm’s oil and gas assets overseas.
