Reliance Industries plans to make a bid for Videocon's oil assets

In January this year, the NCLAT ordered the lenders to seek fresh bids for Videocon Industries

Reliance Industries Ltd (RIL), India’s largest company in market valuation, is planning to make a bid for Videocon’s oil assets after the lenders called for fresh bids for them.

If RIL succeeds in acquiring them, it will be its another big-ticket acquisition under the Insolvency and Bankruptcy Code (IBC), 2016, after it won the race for Alok Industries, a textile firm, and Reliance Communications’ telecom tower assets. RIL is also the frontrunner for Sintex Industries, a textile firm.

When contacted, an RIL spokesperson declined to comment.

According to the order of the National Company Law Appellate Tribunal (NCLAT) of January 5 this year,