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Videocon tweaks plans to sell majority stake in Next

Now, it plans to conclude the deal to sell 26% by December this year

Durables to oil major Videocon group has tweaked its plans to sell stake in its electronics and durable retail chain Next. The group plans to sell 26% stake in the chain to pave the buyer to buy the majority, 51% eventually, after the government allowed 51% stake in the multi brand retail, said its chairman Venugopal Dhoot today. Earlier, the group wanted to sell 40% in the chain by Diwali this year. Now, it plans to conclude the deal to sell 26% by December this year. “When the buyers get 40%, they would be sleeping partners. Since government has allowed 51% in multi brand retail, ...