| Videocon Industries has moved a step closer to acquiring digital imaging and electronics major Polaroid by signing a non-disclosure agreement with the US company.
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| If the deal goes through, it will be Videocon’s first acquisition in the US. It will also provide the company an opportunity to enter the imaging business.
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| Last week, Videocon emerged as the preferred bidder for South Korean chaebol Daewoo Electronics.
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| Sources close to the development said Videocon, which was primarily interested in Polaroid’s LCD business, might seal the deal even before the closure of the South Korean acquisition. Videocon’s Chairman Venugopal Dhoot was not available for comments.
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| Investment bankers said the signing of the non-disclosure agreement indicated Dhoot’s plan to acquire Polaroid’s LCD business could be wrapped up shortly. Videocon had put in its bid for Polaroid in April.
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| Industry sources said the bid might cost Videocon over Rs 800 crore. PricewaterhouseCoopers has been advising Videocon on this deal.
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| Analysts said LCD was one of the focus areas of the consumer durables company. Currently, Videocon caters to the European market from its plant in Italy and imports LCD TVs from there to sell in India.
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| Last year, Videocon had taken over Electrolux’s Indian manufacturing facility and the marketing rights for the brand in Asia. It also took over the Indian manufacturing facility of Panasonic India.
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| Videocon had also acquired Thomson’s colour picture tube manufacturing facilities world-wide last year and the company now owns six manufacturing |
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