IDBI Bank recently reported its September quarter results, where it logged 59.8 per cent YoY rise in net profit at Rs 1,323.3 crore compared with Rs 828.1 crore in the same quarter last year.
Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion.
Now his abilities to keep his group from over-leveraging itself will be put to the test.
Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn s oil producing assets in India, and Electrosteel Steel.
Vedanta arm is paying almost nothing for Videocon group, says NCLT business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Money trap: At insolvency’s doors, Dhoots forced to exit
Lacking financial dexterity: VN Dhoot, Chairman, Videocon group - REUTERS×
Vedanta’s takeover of 13 companies offers electronics major Videocon a lifeline, but it may not be enough for the beleaguered group
“Whatever role life gives you, play it big.” That used to be a tagline of consumer electronics major Videocon. Ironically, it was the play for big that led to the downfall of this home grown company.
In 2008, when Videocon, armed with an all-India licence, ventured into the telecom business, it did so with starry-eyed hopes of offering something unique to customers. The vision was no less than Reliance Jio’s, says a senior executive closely associated with Videocon’s telecom roll out. “We would have been the fastest company to launch pan India telecom services,” he says. The group spearheaded by Venugopal Dhoot had ambitions far stretching beyond its existing businesses.