Billionaire Anil Agarwal’s metals-to-oil group on Wednesday said it will make an upfront payment of almost $40 million (about Rs 292 crore) for the acquisition of Videocon Industries Ltd, which will help it become the largest shareholder in the Ravva oil and gas fields in KG basin.
The National Company Law Tribunal’s Mumbai bench on Tuesday approved the acquisition of bankrupt Videocon Industries by Vedanta group firm Twin Star Technologies, with the lenders set to take a haircut of about 90 per cent.
In a filing to the London Stock Exchange, Agarwal’s Volcan Investments Ltd said its wholly-owned Indian subsidiary, Twin Star Technologies India Ltd, had submitted a resolution plan for Videocon Group companies, under the Insolvency and Bankruptcy Code of India.
