Videocon oil and gas assets
New Delhi: The State Bank of India (SBI) has invited Expression of Interest (EoI) for overseas oil and gas assets of Videocon Industries Ltd in a bid to recover the billions of dollars that the private firm owes to the lender. Videocon Industries has outstanding loans totalling Rs 600 billion ($8.53 billion). According to a Reuters report, the state-run lender said that it has appointed In a bid to pare its debt, Videocon in 2013 had sold its 10% stake in the Mozambique gas field to ONGC Videsh Ltd (OVL), the overseas upstream arm of Oil and Natural Gas Corp. Ltd and Oil India Videocon Group is one of India's largest private sector enterprises having business interest in various sectors, within and outside of India, including Oil & Gas Upstream. The Oil & Gas Division of Videocon Group, came into being in October 1994, with the signing of the Production Sharing Contract for the RAVVA Oil and Gas offshore Field off Mumbai: The National Company Law Tribunal (NCLT) has ordered the inclusion of Videocon Industries' overseas oil and gas business in the ongoing insolvency process being conducted in the country. Videocon was in the first list of the 12 largest accounts that the Reserve Bank of India referred for bankruptcy in late 2016. The diversified group owes collectively over Rs 1 lakh crore to lenders. These subsidiaries are special purpose vehicles (SPVs) specifically incorporated by Venugopal Dhoot for holding foreign oil and gas assets for and on behalf of the group, the tribunal said in its Videocon Industries had jointly applied for acquisition and extended payments for acquisition of overseas assets in 2007. Lenders opposed Dhoot’s application citing that the overseas subsidiaries were the owners of the oil and gas assets. They said Videocon Industries had no rights over the assets.
Oil and Natural Gas Corporation (ONGC) is an Indian Multinational Crude Oil and Gas In January 2014, OVL and Oil India completed the acquisition of Videocon Group's ten percent stake in a The company's domestic operations are structured around 11 assets (predominantly oil and gas producing properties), 7 basins
A consortium of lenders led by the State Bank of India (SBI) has sought expressions of interest (EoIs) from companies to buy oil and gas assets of VOVL (Videocon Oil Ventures) in Brazil, Videocon Industries had jointly applied for acquisition and extended payments for acquisition of overseas assets in 2007. Lenders opposed Dhoot’s application citing that the overseas subsidiaries Videocon had opposed the sale of the oil and gas assets on grounds that it had set up an SPV for holding these oil and gas business therefore, it has be considered as part of the group assets. The order came after SBI has advertised to sell the upstream oil and gas assets of Videocon in Brazil and Indonesia inviting expression of interests (EoIs). Videocon Industries had earlier requested NCLT to include Videocon Energy Brazil and Videocon Indonesia Nunukan Inc in the ongoing corporate insolvency resolution process, after its lenders invited bids for these assets to recover part of their debt. MUMBAI: The National Company Law Tribunal (NCLT) has asked SBI not to go ahead with its plans to sell overseas oil & gas assets of Videocon Industries in its bid to recover dues from the bankrupt Videocon holds 23% stake in Videocon Indonesia Nunukan while BPCL’s Bharat PetroResources owns 12.5% and Pertamina Hulu Energi Offshore owns remaining stake. Oil being a sovereign asset, it belongs to the government of Indonesia. Videocon Industries Limited holds through its Cayman Island based subsidiary Videocon Hydrocarbon Holdings Limited ("Videocon") oil and gas assets in Brazil, Mozambique, Indonesia, East Timor and Australia.
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Videocon Industries had jointly applied for acquisition and extended payments for acquisition of overseas assets in 2007. Lenders opposed Dhoot’s application citing that the overseas subsidiaries Videocon had opposed the sale of the oil and gas assets on grounds that it had set up an SPV for holding these oil and gas business therefore, it has be considered as part of the group assets. The order came after SBI has advertised to sell the upstream oil and gas assets of Videocon in Brazil and Indonesia inviting expression of interests (EoIs). Videocon Industries had earlier requested NCLT to include Videocon Energy Brazil and Videocon Indonesia Nunukan Inc in the ongoing corporate insolvency resolution process, after its lenders invited bids for these assets to recover part of their debt. MUMBAI: The National Company Law Tribunal (NCLT) has asked SBI not to go ahead with its plans to sell overseas oil & gas assets of Videocon Industries in its bid to recover dues from the bankrupt Videocon holds 23% stake in Videocon Indonesia Nunukan while BPCL’s Bharat PetroResources owns 12.5% and Pertamina Hulu Energi Offshore owns remaining stake. Oil being a sovereign asset, it belongs to the government of Indonesia.
10 Sep 2019 Mumbai: The National Company Law Tribunal (NCLT) has asked SBI not go ahead with its plans to sell the overseas oil & gas assets of
MUMBAI: The National Company Law Tribunal (NCLT) has asked SBI not go ahead with its plans to sell the overseas oil & gas assets of Videocon Industries in its bid to recover some of their dues The National Company Law Tribunal (NCLT) has ordered the inclusion of Videocon Industries’ overseas oil and gas business in the ongoing insolvency process being conducted in the country
Videocon had opposed the sale of the oil and gas assets on grounds that it had set up an SPV for holding these oil and gas business therefore, it has be considered as part of the group assets.
New Delhi: The State Bank of India (SBI) has invited Expression of Interest (EoI) for overseas oil and gas assets of Videocon Industries Ltd in a bid to recover the billions of dollars that the private firm owes to the lender. Videocon Industries has outstanding loans totalling Rs 600 billion ($8.53 billion). According to a Reuters report, the state-run lender said that it has appointed In a bid to pare its debt, Videocon in 2013 had sold its 10% stake in the Mozambique gas field to ONGC Videsh Ltd (OVL), the overseas upstream arm of Oil and Natural Gas Corp. Ltd and Oil India Videocon Group is one of India's largest private sector enterprises having business interest in various sectors, within and outside of India, including Oil & Gas Upstream. The Oil & Gas Division of Videocon Group, came into being in October 1994, with the signing of the Production Sharing Contract for the RAVVA Oil and Gas offshore Field off Mumbai: The National Company Law Tribunal (NCLT) has ordered the inclusion of Videocon Industries' overseas oil and gas business in the ongoing insolvency process being conducted in the country. Videocon was in the first list of the 12 largest accounts that the Reserve Bank of India referred for bankruptcy in late 2016. The diversified group owes collectively over Rs 1 lakh crore to lenders.
9 Sep 2019 The order came after SBI has advertised to sell the upstream oil and gas assets of Videocon in Brazil and Indonesia inviting EOIs. 450 km north of the prolific oil and gas producing Kutei Basin." Brazil Acreages. ' 10 Exploration Blocks comprising of 5 Concessions in Petroliferious Brazilian 5 Aug 2019 SBI has invited bids for overseas oil and gas assets of Videocon Industries as govt seeks to recover billions of dollars in loans from the