Akhil Gupta's family firm bids for debt-laden Videocon Industries

Gupta, who worked for Bharti Airtel for 18 years, made the bid for Videocon via Avanti Investments, run by his son, Anubhav Gupta

A family-owned firm of Akhil Gupta, vice-chairman of Bharti Enterprises, has made a bid for Videocon Industries, the home appliances company that is currently facing bankruptcy proceedings over default.

Gupta, who worked for Bharti Airtel for 18 years, confirmed that his son Anubhav bid for Videocon through Avanti Investfin Pvt Ltd. But he did not spell out the details.

A banking source said the offer for the company was placed before the committee of creditors (CoC) on Wednesday but no decision was taken by the lenders. 

A proposal made by Videocon promoter Venugopal Dhoot, under Section 12A of the IBC