Videocon Industries to Sell Stakes in Brazil Oil Block – Feedback

Debt-laden Videocon Industries Ltd is planning to raise nearly Rs.300 billion by selling its stakes in oil blocks in Brazil. Videocon group chairman Venugopal Dhoot has rubbished rumors doing the rounds on the social media that he may flee India.

“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. Debt-laden Videocon Industries Ltd is planning to raise nearly Rs 300 billion by selling its stakes in oil blocks in Brazil to repay bank loans, Livemint.com reported.

http://www.indianoilandgas.com/viewnews.php?id=36462

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