Jindal Power and Adani in bidding war to acquire Videocon

The Adani Group and Jindal Power have shown interest in acquiring Videocon's consumer durables division, which the lenders have put up for sale for the second time.

Lenders are now expecting an early resolution of Videocon's Rs 64,000 crore debt as a result of the Adani group's unexpected entry into the race.

The National Company Law Appellate Tribunal (NCLAT) ordered the second round of bids after the National Company Law Appellate Tribunal (NCLAT) urged CoC to solicit bids again since Vedanta's bid demanded a 95% haircut on Videocon Industries Ltd's (VIL) total debt. In exchange for VIL's enormous debt, Vedanta offered Rs 3,000 crore.

Vedanta's offer included a high number of non-convertible debentures to be offered to lenders. Few lenders moved the NCLAT since the upfront cash was Rs 200 crore.

Separately, Reliance Industries has entered a bidding war for VIL's oil and gas assets.