Videocon seeks to sell 40 % stake in retail chain Next
27 June 2012
Videocon Industries, India's largest consumer electronic and home appliance company, is planning to sell a 40-per cent stake in its retail chain Next Retail India, the company's chairman Venugopal Dhoot said on Monday.
Dhoot said that the company has hired investment banker Morgan Stanely India to find a buyer and it is in talks with four retail chains from the US and Europe.
''We will sell a 40 per cent now and later sell an additional 11 per cent later,'' Dhoot said.
The move comes after Videocon reportedly held talks in December 2011 to sell a controlling 51-per cent stake to US retail electronic retail chain Best Buy, but the Richfield, Minnesota-based company denied that that it was in discussions with Videocon or Next Retail.
Founded in 2003, Next Retail is the country's largest electronics retail chain. It specialises in organised retailing of consumer electronics, small home appliances and mobile phones.
It is a multi-brand multi-product retail chain, which stocks an entire range of consumer durables of popular brands such as LG, Samsung, Videocon, Sony, Electrolux, Kelvinator, Whirlpool, Onida, Philips, Kenstar, Sansui, and its own brand.