Videocon eyes listing in US

Indian durable major Videocon is now eyeing a listing on the US market.The $ 2 billion Indian group, which has diversified interests across consumer durables and natural gas sectors, is planning to list in the US stock markets.

It will also look at launching its products in the US at a later stage.

Venugopal Dhoot, chairman, Videocon Industries,said, "A foray into the US market is to focus on the company's growth strategy and become an Indian multinational. We plan to tap the American market over the next two years and raise funds for the same."

The company is likely to follow its strategy of acquisitions in the overseas market. Videocon has already begun investing in Mexico, which offers export opportunities to the US.

Videocon entered the Mexican market after its acquisition of French electronics major Thomson's colour picture manufacturing units, when it acquired the company for $ 291 million, a couple of years back.

The company is planning additional investments in the country to expand its manufacturing facilities.

Videocon plans to raise funds in the US market at a time when it's foraying into the telecom business and entering other businesses like DTH in India.

The company recently entered into a joint venture with Verizon Wireless, a US-based telecom firm, to enter into long distance telephony service.

The department of telecom clearance for the proposal is awaited.