NEW DELHI: Starting with a circle of relatives, which had a dealership of Bajaj Auto’s scooters, to changing into the landlord of a family title in client home equipment who may just have the funds for to have Bollywood famous person Shah Rukh Khan as the logo ambassador, Venugopal Dhoot’s is a tale of an Aggressive small the city businessman’s pursuit to be at the most sensible.
Now arrested in reference to the ICICI Bank mortgage fraud case, Venugopal Dhoot throughout his heydays was once no longer the only to easily take a seat on small achievements like Videocon changing into the biggest tv set producer in India.
The eldest son of past due Nandlal Madhavlal Dhoot, who based the Videocon Group in 1984, Venugopal was once in large part chargeable for using the conglomerate to diversify into quite a lot of verticals, equivalent to oil and fuel, actual property and retail, past its a success client electronics and residential home equipment. industry.
Dhoot, the safari-suited businessman, was once born into an agricultural circle of relatives in Ahmednagar (Maharashtra), the place his father had a cotton ginning mill and operated a wholesale grain industry.
In 1982, when the general public broadcaster Doordarshan started transmitting colour tv systems in India, it opened a brand new section. Here the Dhoot circle of relatives attempted their success within the uncharted territory of producing standard tube-based colour TV units.
Dhoot who had an engineering level from the University of Pune spark off to Japan for a yr to be skilled at electronics firms.
In 1986, he based Videocon International, which geared toward production 1,00,000 TV units a yr. It entered into technical collaboration with the Japanese primary Toshiba and from right here there was once no having a look again.
From colour TV units, Videocon within the Nineteen Nineties expanded into different verticals, equivalent to fridges, washing machines, air conditioners, house leisure methods and different small home equipment. It driven fresh competitors like Mirc Electronic (Onida), Salora, Weston and so on with inexpensive pricing.
Its TV fashions like Bazooka and Bazoomba have been the marketplace’s favorites within the early 90s.
After having luck in its client electronics and residential home equipment industry, Dhoot expanded Videocon Industries into different spaces, equivalent to Oil & Gas, cell services and products and others.
However, Dhoot’s downfall began when it entered into the cell carrier space with Videocon Telecommunications, It may just release industrial services and products simplest in 11 out of the 18 circles it held licences.
In 2012, after the 2G spectrum case, the Supreme Court canceled 122 licenses issued via the central govt in 2008, 21 licenses belonged to Videocon. In the 2012 spectrum public sale, Videocon received again licenses in 6 circles however offered to the marketplace chief Bharti Airtel and close down operations.
Furthermore, within the past due 90s South Korean giants like LG Electronics and Samsung entered the Indian marketplace, which disrupted client electronics and home equipment with the most recent generation and high quality merchandise at inexpensive pricing.
Although Videocon Industries had a number of verticals, its major money cow was once the shopper electronics and home equipment industry.
As Videocon failed to stand the demanding situations from competitors Sony, LG and Samsungs, its earnings were given stagnated and steadily it sat on a pile of debt.
Dhoot attempted to pare money owed via promoting a few of his belongings. The corporate merged its DTH industry with Dish TV. They offered possession in a few of their fuel fields and telecom industry, nevertheless it didn’t paintings.
Finally, in 2018, it was once dragged to the insolvency tribunal NCLT via its creditor. It owed round Rs 31,000 crore to the banks, together with hobby.
At the request of lenders, the National Company Law Tribunal (NCLT) has carried out a consolidated company insolvency solution procedure via combining Videocon Industries and the opposite 12 Videocon crew firms.
In June 2021, a bid of simply Rs 2,692 crore from billionaire Anil Agarwal’s Twin Star Technologies to take over Videocon Industries was once licensed via the NCLT. This additionally went into controversy.
Earlier this yr, the National Company Law Appellate Tribunal (NCLAT) had put aside Twin Star’s Rs 2,692 crore bid, directing it to ask recent bids.
Though it was once challenged ahead of the Supreme Court via Twin Star, the collectors of Videocon Industries are nonetheless on the lookout for a purchaser. According to a couple assets, the lenders can even imagine liquidation, in the event that they fail to discover a purchaser for the corporate, which as soon as was once a luck tale.
Now arrested in reference to the ICICI Bank mortgage fraud case, Venugopal Dhoot throughout his heydays was once no longer the only to easily take a seat on small achievements like Videocon changing into the biggest tv set producer in India.
The eldest son of past due Nandlal Madhavlal Dhoot, who based the Videocon Group in 1984, Venugopal was once in large part chargeable for using the conglomerate to diversify into quite a lot of verticals, equivalent to oil and fuel, actual property and retail, past its a success client electronics and residential home equipment. industry.
Dhoot, the safari-suited businessman, was once born into an agricultural circle of relatives in Ahmednagar (Maharashtra), the place his father had a cotton ginning mill and operated a wholesale grain industry.
In 1982, when the general public broadcaster Doordarshan started transmitting colour tv systems in India, it opened a brand new section. Here the Dhoot circle of relatives attempted their success within the uncharted territory of producing standard tube-based colour TV units.
Dhoot who had an engineering level from the University of Pune spark off to Japan for a yr to be skilled at electronics firms.
In 1986, he based Videocon International, which geared toward production 1,00,000 TV units a yr. It entered into technical collaboration with the Japanese primary Toshiba and from right here there was once no having a look again.
From colour TV units, Videocon within the Nineteen Nineties expanded into different verticals, equivalent to fridges, washing machines, air conditioners, house leisure methods and different small home equipment. It driven fresh competitors like Mirc Electronic (Onida), Salora, Weston and so on with inexpensive pricing.
Its TV fashions like Bazooka and Bazoomba have been the marketplace’s favorites within the early 90s.
After having luck in its client electronics and residential home equipment industry, Dhoot expanded Videocon Industries into different spaces, equivalent to Oil & Gas, cell services and products and others.
However, Dhoot’s downfall began when it entered into the cell carrier space with Videocon Telecommunications, It may just release industrial services and products simplest in 11 out of the 18 circles it held licences.
In 2012, after the 2G spectrum case, the Supreme Court canceled 122 licenses issued via the central govt in 2008, 21 licenses belonged to Videocon. In the 2012 spectrum public sale, Videocon received again licenses in 6 circles however offered to the marketplace chief Bharti Airtel and close down operations.
Furthermore, within the past due 90s South Korean giants like LG Electronics and Samsung entered the Indian marketplace, which disrupted client electronics and home equipment with the most recent generation and high quality merchandise at inexpensive pricing.
Although Videocon Industries had a number of verticals, its major money cow was once the shopper electronics and home equipment industry.
As Videocon failed to stand the demanding situations from competitors Sony, LG and Samsungs, its earnings were given stagnated and steadily it sat on a pile of debt.
Dhoot attempted to pare money owed via promoting a few of his belongings. The corporate merged its DTH industry with Dish TV. They offered possession in a few of their fuel fields and telecom industry, nevertheless it didn’t paintings.
Finally, in 2018, it was once dragged to the insolvency tribunal NCLT via its creditor. It owed round Rs 31,000 crore to the banks, together with hobby.
At the request of lenders, the National Company Law Tribunal (NCLT) has carried out a consolidated company insolvency solution procedure via combining Videocon Industries and the opposite 12 Videocon crew firms.
In June 2021, a bid of simply Rs 2,692 crore from billionaire Anil Agarwal’s Twin Star Technologies to take over Videocon Industries was once licensed via the NCLT. This additionally went into controversy.
Earlier this yr, the National Company Law Appellate Tribunal (NCLAT) had put aside Twin Star’s Rs 2,692 crore bid, directing it to ask recent bids.
Though it was once challenged ahead of the Supreme Court via Twin Star, the collectors of Videocon Industries are nonetheless on the lookout for a purchaser. According to a couple assets, the lenders can even imagine liquidation, in the event that they fail to discover a purchaser for the corporate, which as soon as was once a luck tale.