State-promoted National Asset Reconstruction Company Ltd will soon submit an improved offer of Rs 1,200 crore for the debt of VOVL, the oil and gas exploration unit of insolvent Videocon Industries. Industrialist Venugopal Dhoot promoted VOVL, which was earlier known as Videocon Oil and Ventures Ltd. It has been undergoing corporate insolvency since 2019. Dhoot was recently arrested over his alleged role in a ICICI loans scam. Lenders rejected NARCL’s offer of Rs 860 crore in mid-November as too low.
Why it’s important: If the improved offer of the bidder is accepted, it will be the largest debt acquisition of a single company by any asset reconstruction company in the country. MoneyControl