Videocon to acquire Daewoo Electronics

By agencies   |   Wednesday, 29 March 2006, 08:00 Hrs
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MUMBAI: In another overseas acquisition, the Indian multinational, Videocon Industries, has agreed to acquire South Korean firm Daewoo Electronics Corp for about $112.7 million.

According to the industry sources the paperwork for the deal will take another three to four months before the group can make a formal announcement. This will be second big overseas takeover by Videocon after it took over European firm Thomson last year for $286.36 million in a share swap deal.

The company’s Chairman, V N Dhoot said the discussions are still on and refused to disclose anything further. However, company insiders say the deal has been more or less finalized with Videocon now busy tying up funds for the deal. With a positive cash flow, the group will fund the acquisition from its internal accruals.

Daewoo Electronics, a former affiliate of now-defunct Daewoo Group, was separated from the group in 2002. It has plants all over the world and a significant presence in the North American markets.

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