Videocon gets more time for Navi Mumbai LCD project

The Maharashtra government has extended the deadline for Videocon Industries’ Rs 8,000-crore thin-film transistor liquid crystal display (TFT-LCD) panel project in Navi Mumbai for the third time, according to sources privy to the development.

Now, Videocon has time till September 30 to complete all necessary formalities, like acquisition of land (100 hectares), signing of joint venture agreement and shareholding pact with the City and Industrial Development Corporation (Cidco), for the project.

Videocon Chairman and Managing Director VN Dhoot declined to comment. However, officials at the state government and Cidco, which would have a 26 per cent stake in the project, confirmed the development.

The project, approved by the state cabinet in August 2008, received the first extension till December 31, 2009. The state government granted the second extension till June 2010 on the same ground.

“The government does not want the project to go out of Maharashtra, especially when it recently cut a sorry figure after Tata Group preferred the neighbouring Gujarat for the Nano project. Videocon has already disclosed that the company has received invitation from the West Bengal government for the setting up of a similar project there. Thus, the state government granted the third extension till September 30 and the decision in this regard has been communicated to Cidco and Videocon,” a government official said.