Videocon DTH arm to float IPO any time

Bharat Business Channel Limited, the DTH arm of Videocon group, would come with an initial public offer any time, a top official of the company said.

“The DTH arm’s IPO may hit the market any time from now as the sentiments have improved tremendously,” chairman of Videocon group Venugopal Dhoot told PTI.

Dhoot said ‘Videocon d2H’ was the largest DTH service provider in the country with a market share of 22 per cent.

He said oil and gas businesses remained the main focus of the group, which has energy assets in Brazil, Oman, Indonesia and Australia.

According to market sources, the group’s energy assets are valued close to Rs 2 lakh crore.

Recently, the group sold ten per cent stake in Mozambique gas field to ONGC-OIL at a realisation of Rs 15,000 crore, which it would use to pare debt.

Regarding appliances business, Dhoot said it was enjoying 30 per cent share in the domestic market.

“With the new government coming in, demand for consumer appliances has shot through the roof,” he added.