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Videocon Chairman Venugopal Dhoot group will sell shares in Brazil’s oil block and denied that wish to he escape from India

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“I am very much in India and have no intention to ever go out of the country, in fact, I am most comfortable here and have not stepped out of India since the last five years,” Dhoot said on March 8, the Economic Times reported.

O Banco do Estado da Índia, em janeiro, referiu a Videocon Industries para o tribunal de falências depois que os credores não puderam resolver seu empréstimo até 31 de dezembro. Um consórcio de credores também decidiu levar ao tribunal de falências todas as subsidiárias da Videocon Industries, a fim de implementar um plano de resolução abrangente.

The company’s total debt was Rs 19,506 crore as of March last year. The debt-laden Videocon Industries Ltd is planning to raise nearly Rs 30,000 crore by selling its stakes in oil blocks in Brazil to repay bank loans, Livemint.com reported.

“O negócio de petróleo e gás tem sido um tremendo sucesso para nós. Somos hoje o maior e mais bem sucedido explorador do setor privado indiano no mundo. As reservas totais nos campos que descobrimos na Indonésia e no Brasil têm cerca de 4 bilhões de barris de petróleo e petróleo equivalente. Estamos trabalhando para obter esses campos em produção. Estávamos na fase do ciclo de desenvolvimento desses projetos “, afirmou Saurabh Dhoot, presidente executivo da Videocon d2h, segundo Livemint.

Videocon owns stakes in four major blocks in Brazil through an equal joint venture, IBV Brasil Petroleo Ltd, with Bharat Petroleum Corp. Ltd. Brazil’s national oil company, Petrobras SA, is the operator in three of the four blocks.

In 2015, Videocon Industries had entered into an alliance with a Bharat Petroleum Corp unit to form a joint venture called IBV Brasil Petroleo to manage oil assets in Brazil. Videocon and the BPCL unit own 20% stake each, while Brazil’s Petrobras hold the remaining 60%.

Videocon Industries is among the second list of 28 companies that the Reserve Bank of India had directed banks to refer to bankruptcy court as a debt resolution plan couldn’t be agreed by the end of December 2017.

Videocon’s have an exposure of over Rs 20,000 crore, of which SBI’s dues amount to Rs 3,900 crore.