India Court Allows Billionaire Agarwal to Takeover Videocon
- Videocon among top 12 defaulters pushed to bankruptcy in 2017
- Lenders had filed debt plan with bankruptcy court in December
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India’s bankruptcy court has allowed billionaire Anil Agarwal’s Twin Star Technologies to takeover Videocon Industries Ltd.
Videocon’s shares will be delisted as part of the plan submitted in December, the company told the stock exchange late Tuesday. Twin Star, a part of Agarwal’s Vedanta Group, will pay about 30 billion rupees ($410 million) to Videocon’s lenders, people familiar with the matter had said earlier.