Videocon renews bid for Daewoo

NEW DELHI: Home-grown consumer electronics major Videocon on Monday said it has renewed its bid for ailing Korean firm Daewoo Electronics, but would pursue it only if the price is 'reasonable'.
   
"Yes, we have put in a fresh bid for Daewoo but this time around we will pursue it if only the valuation is right and we get a reasonable price," Videocon Industries Chairman and Managing Director Venugopal Dhoot told from Mumbai.
   
Asked if this was a desperate attempt to acquire Daewoo, he replied in the negative.
   
"In fact, we have diversified our interests in energy and power sectors, and we may not be interested in pursuing it (Daewoo) if the price is very high," Dhoot said.
   
Earlier last year, Videocon's bid to acquire Daewoo Electronics fell through with the 40-odd creditors to the ailing Korean firm refusing a demand from the Indian company for a discount over the initially agreed USD 700 million.
   
The consortium of Videocon and US equity firm Ripplewood had asked about 13 per cent reduction over the agreed price, which was refused by the creditors led by Woori Bank.