NCLT clears Videocon sale to Vedanta group firm Twinstar Technologies

Twinstar had offered to pay Rs 2,962 crore to the lenders of Videocon Industries which was saddled with debt of Rs 46,000 crore

Topics
Videocon Industries | NCLT | Vedanta Group

Dev Chatterjee  |  Mumbai 

The National Company Law Tribunal has cleared the acquisition of bankrupt Videocon Industries to Anil Agarwal owned firm, Twinstar Technologies. Twinstar had offered to pay Rs 2,962 crore to the lenders of Videocon Industries which was saddled with massive debt of Rs 46,000 crore.

A Videocon official said Videocon Oil, Trend Electronics and KAIL's resolution processes are also going on and banks will recover dues from these three companies separately. Twinstar will pay Rs 3,000 crore and another Rs 500 crore cash lying with the company will also be given to the banks. Lenders ...

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First Published: Tue, June 08 2021. 17:18 IST
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