Tuesday, August 02, 2005

Videocon uys 100% stake in Hyundai

Videocon Industries Chairman Venugopal Dhoot has taken full control of Hyundai Electronics by raising his stake in the company to 100 per cent from around 70 per cent now. He has bought the 30 per cent stake from Hyundai Korea. According to market estimates, Dhoot has paid close to Rs 50 crore to Hyundai Korea for acquiring the stake. Videocon will keep the rights to market some of its televisions, LCDs, DVDs, refrigerators, microwave ovens and digital cameras under the Hyundai brand name. In return, the company will pay Hyundai a certain per cent as royalty on sales. Videocon has recently announced its acquisition of the Electrolux consumer electronics business in the country and Thomson’s colour picture tube business. Videocon had well laid out plans to make Hyundai an accepted brand in the consumer durables segment in India. It is a already a well known brand in the auto segment.