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Videocon on verge of acquiring Daewoo
By agencies
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Thursday, 06 July 2006, 19:30 IST
NEW DELHI: IndiaÂ’s largest domestic consumer electronics maker Videocon group is all set to take over the ailing Korean electronics brand Daewoo.
According to reports appearing in local media, Videocon will sign the papers to take over the worldwide business of Daewoo very soon. The reports said the deal could be worth $500-600 million.
"We want to figure amongst the top ten consumer electronics company and the initiative should be seen in that context," VN Dhoot, Videocon group chairman, was quoted as saying.
If the deal goes through, VideoconÂ’s portfolio would now include almost all major brands in India and across the world. Its present portfolio includes Videocon, Sansui, Akai, Kenstar, Hyundai, Toshiba, Electrolux and Kelvinator- the last two were acquired last year after Electroluc exited India.