Videocon Industries Ltd

Videocon Industries Ltd

Videocon Industries Ltd offers range of products in televisions washing machines air-conditioners refrigerators audio products home theatre systems and microwave ovens. The company operates in four segments: Consumer Electronics and Home Appliances Crude Oil and Natural Gas Telecommunications and Power. The company is engaged in manufacture assemble and distribute a range of consumer electronics products and home appliances including finished goods such as television home entertainment systems refrigerators washing machines air conditioners and other small household appliances and components such as glass shell compressors and motors. The company has interests in exploration production in Brazil Mozambique East Timor Indonesia and Australia. The Company is developing the Pipavav power project through a wholly owned subsidiary Pipavav Energy Pvt Ltd. The company operates the global system for mobile communications mobile services through Videocon Telecommunications Ltd.Videocon Industries Ltd was incorporated in the year 1986 with the name Adhigam Trading Private Ltd. The company was established for the business of trading in paper tubes. In the year 1987 the company introduced Black & White TV Color TV and Washing Machines. In September 1988 the company decided to diversify in the business of lease financing hire purchase and investment activities. The home entertainment systems electronic motors and air conditioners were partaken under Videocon during the year 1989-1990. During the year 1990-91 the management of the company underwent a change by way of transfer of equity shares to the Videocon Group. They had outfitted the refrigerators and coolers in the period of 1991. In February 14 1991 the company changed their name from Adhigam Trading Pvt Ltd to Videocon Leasing & Industrial Finance Ltd.In the year 1995 the company made their footprint in glass shells for CRT segment. In the year 1996 the company diversifies into oil sector. In the year 1998 the company formulated and released compressors and compressor motors. In the year 2000 the company acquired Philips color TV plant.In the year 2004 Petrocon India Ltd was amalgamated with the company with effect from March 31 2004. Thus the company got into oil and gas business. With merger of Petrocon the company became a member of the consortium that operates the Ravva Oil and Gas fields. Also the company changed their name from Videocon Leasing & Industrial Finance Ltd to Videocon Industries Ltd. In June 15 2004 Videocon Securities Ltd became a subsidiary of the company. In the year 2005 the company acquired three plants of Electrolux India. Also they acquired the Thomson Color Picture Tube and Hyundai Electronics. In December 2005 Eagle Corporation Ltd became a wholly owned subsidiary of the company. In July 21 2006 EKL Appliances Ltd (formerly known as Electrolux Kelvinator Ltd) merged with the company. In February 2007 US telecom giant Verizon had tie up with the company to offer international long-distance (ILD) services in India. In November 2007 the company acquired Planet M for Rs 2 billion. Planet M is the music and entertainment retail arm of media house Bennett Coleman & Company.During the year 2007-08 the company through one of their subsidiaries executed Licence Agreements with the Department of Telecommunications (the DOT) wherein the company was granted the licence to provide unified access services on Pan India basis. In September 8 2007 the company jointly with Bharat Petroleum Corporation Ltd signed an agreement with EnCana Corporation and 749739 Alberta Ltd for buying its stake in IBV Brasil Petr'leo Limitada (formerly EnCana Brasil Petr'leo Limitada) which had participating interests in four deep water Brazilian Exploration Concession Areas namely Campos Espirito Santos Sergipe Alagoas and Potiguar Basin encompassing ten (10) different exploration blocks. The company also acquired 10% participating interest in Rovuma Offshore Area 1 Block in Mozambique from Anadarko Petroleum Corporation USA. During the year Videocon International Electronics Ltd Videocon Global Energy Holdings Ltd Videocon Energy Resources Ltd Pipavav Energy Private Ltd Videocon Electronic (Shenzen) Ltd Eagle Ecorp Ltd and Videocon Energy Ventures Ltd became subsidiaries of the company. Further Eagle Corporation Ltd ceased to be subsidiary of the company due to dilution and consequently all the subsidiaries of Eagle Corporation Ltd ceased to be step down subsidiaries of the company. The company together with their subsidiary Videocon International Electronics Ltd acquired 64% interest in Datacom Solutions Pvt Ltd.During the year 2008-09 Videocon Indonesia Nunukan Inc. Senior Consulting Pvt Ltd and Jumbo Techno Services Pvt Ltd became subsidiaries of the company whereas Videocon (Mauritius) Infrastructure Ventures Ltd and consequently Investcon SingaporeHoldings Ltd ceased to be the subsidiaries of the company.During the year 2009-10 Chhattisgarh Power Ventures Pvt Ltd Triumph Energy Pvt Ltd Videocon Energy Ltd Videocon Hydrocarbon Holdings Ltd and Senator Energy Pvt Ltd became the wholly-owned subsidiaries of the company. Videocon Oil Ventures Ltd Videocon Power Ventures Ltd Marvel Energy Pvt Ltd Aim Energy Pvt Ltd Viable Energy Pvt Ltd Vital Power Pvt Ltd Proficient Energy Pvt Ltd Orchid Energy Pvt Ltd Applied Energy Pvt Ltd Instant Energy Pvt Ltd Comet Power Pvt Ltd Unity Power PvtLtd Percept Energy Pvt Ltd Galaxy Power Pvt Ltd Videocon Australia WA-388-P Ltd Oil Services International S.A.S Videocon Energy Brazil Ltd Videocon Indonesia Nunukan Inc Videocon Mozambique Rovuma 1 Ltd (formerly known as Videocon Energy Resources Ltd) and Videocon JPDA 06-103 Ltd (formerly known as Global Energy Inc) became the step down subsidiaries of the company.During the year Godavari Consumer Electronics Appliances Pvt Ltd Mayur Household Electronics Appliances Pvt Ltd Sky Billion Trading Ltd Paramount Global Ltd Powerking Corporation Ltd and Venus Corporation Limited ceased to be the subsidiaries of the company and Videocon Display Research Company Ltd got voluntarily liquidated.In November 3 2011 Sesa Goa Ltd signed the definitive share purchase agreement with the company along with other shareholders of GEPL under which Sesa agreed to acquire 100% of the outstanding common shares of GEPL for the enterprise value of Rs 101 crore on cash free debt free basis including normative working capital of Rs 2.75 crore.