New Delhi: Starting from a family that ran a Bajaj Auto scooter dealership to becoming the owner of a well-known consumer electronics company that could afford to have Bollywood superstar Shah Rukh Khan as its brand ambassador, Venugopal Dhoot's is the story of a group of people. An aggressive small-town businessman aiming for the top.
Now arrested in connection with the ICICI bank loan scam case, Venugopal Dhot in his prime was not one to sit back and rest on small achievements such as Videocon becoming India's largest television maker.
Venugopal, the eldest son of the late Nandlal Madhavlal Dhot, who founded the Videocon Group in 1984, has expanded beyond the conglomerate's successful home appliances and home appliances to include oil and gas, real estate, retail and other businesses. He took on the great responsibility of promoting diversification into various fields. work.
Mr. Dhoot, a businessman wearing a safari suit, was born into a farming family in Ahmednagar (Maharashtra state), where his father ran a cotton gin and grain wholesale business.
In 1982, when public broadcaster Doordarshan started transmitting color television programs in India, it launched a new segment. Here the Doot family tried their luck in the uncharted territory of producing a traditional tube-based color television.
Dort, who earned a degree in engineering from the University of Pune, went to Japan for a year to receive training at an electronics company.
In 1986, he founded Videocon International with the goal of manufacturing 100,000 televisions a year. We entered into a technical partnership with Japanese giant Toshiba, and from this point on there was no turning back.
In the 1990s, Videcon expanded from color televisions to other areas such as refrigerators, washing machines, air conditioners, home entertainment systems, and other small appliances. Its affordable pricing has pushed it past modern rivals like Mirc Electronic (Onida), Salora, and Weston.
TV models like Bazooka and Bazoomba were market favorites in the early 90s.
After finding success in the consumer electronics and consumer electronics business, Dhoot expanded Videocon Industries into other areas such as oil and gas and mobile phone services.
However, Dhoot's decline began with its entry into the mobile phone coverage area with Videocon Telecommunications. Only 11 of the 18 circles that had licenses were able to launch commercial services.
In 2012, following the 2G spectrum case, the Supreme Court canceled 122 licenses issued by the central government in 2008, of which 21 licenses belonged to Videocon. In the 2012 spectrum auction, Videocon regained the 6 Circle license, but it was sold to market leader Bharti Airtel and ceased operations.
Furthermore, in the late 1990s, Korean giants such as LG Electronics and Samsung entered the Indian market, revolutionizing home appliances and appliances by offering the latest technology and high quality products at affordable prices.
Although Videocon Industries had several industries, its main source of revenue was the consumer electronics and consumer electronics business.
Videocon was unable to meet challenges from rivals Sony, LG and Samsung, profits stagnated and it gradually sank into debt.
Mr. Doot sought to reduce his debt by selling some of his assets. The company merged its DTH business with Dish TV. They sold some ownership in gas fields and telecommunications operations, but things didn't work out.
Finally, in 2018, it was dragged to the bankruptcy court NCLT by its creditors. It owes banks around Rs 31,000 crore including interest.
At the request of the lenders, the National Company Law Tribunal (NCLT) conducted a consolidated insolvency resolution process, merging Videocon Industries and 12 other Videocon group companies.
In June 2021, a bid of just Rs 2,692 crore for the acquisition of Videocon Industries by billionaire Anil Agarwal's Twinstar Technologies was approved by the NCLT. This was also controversial.
Earlier this year, the National Company Law Appellate Tribunal (NCLAT) had put Twinstar's Rs 2,692-crore bid on hold and directed it to invite fresh bids.
Twinstar has filed a Supreme Court challenge, but Videocon Industries' creditors are still looking for a buyer. Some sources said lenders could consider liquidating the once-successful company if it can't find a buyer.
Expanding
Venugopal, the eldest son of the late Nandlal Madhavlal Dhot, who founded the Videocon Group in 1984, has expanded beyond the conglomerate's successful home appliances and home appliances to include oil and gas, real estate, retail and other businesses. He took on the great responsibility of promoting diversification into various fields. work.
Mr. Dhoot, a businessman wearing a safari suit, was born into a farming family in Ahmednagar (Maharashtra state), where his father ran a cotton gin and grain wholesale business.
In 1982, when public broadcaster Doordarshan started transmitting color television programs in India, it launched a new segment. Here the Doot family tried their luck in the uncharted territory of producing a traditional tube-based color television.
Dort, who earned a degree in engineering from the University of Pune, went to Japan for a year to receive training at an electronics company.
In 1986, he founded Videocon International with the goal of manufacturing 100,000 televisions a year. We entered into a technical partnership with Japanese giant Toshiba, and from this point on there was no turning back.
Expanding
In the 1990s, Videcon expanded from color televisions to other areas such as refrigerators, washing machines, air conditioners, home entertainment systems, and other small appliances. Its affordable pricing has pushed it past modern rivals like Mirc Electronic (Onida), Salora, and Weston.
TV models like Bazooka and Bazoomba were market favorites in the early 90s.
After finding success in the consumer electronics and consumer electronics business, Dhoot expanded Videocon Industries into other areas such as oil and gas and mobile phone services.
However, Dhoot's decline began with its entry into the mobile phone coverage area with Videocon Telecommunications. Only 11 of the 18 circles that had licenses were able to launch commercial services.
In 2012, following the 2G spectrum case, the Supreme Court canceled 122 licenses issued by the central government in 2008, of which 21 licenses belonged to Videocon. In the 2012 spectrum auction, Videocon regained the 6 Circle license, but it was sold to market leader Bharti Airtel and ceased operations.
Furthermore, in the late 1990s, Korean giants such as LG Electronics and Samsung entered the Indian market, revolutionizing home appliances and appliances by offering the latest technology and high quality products at affordable prices.
Although Videocon Industries had several industries, its main source of revenue was the consumer electronics and consumer electronics business.
Videocon was unable to meet challenges from rivals Sony, LG and Samsung, profits stagnated and it gradually sank into debt.
Mr. Doot sought to reduce his debt by selling some of his assets. The company merged its DTH business with Dish TV. They sold some ownership in gas fields and telecommunications operations, but things didn't work out.
Finally, in 2018, it was dragged to the bankruptcy court NCLT by its creditors. It owes banks around Rs 31,000 crore including interest.
At the request of the lenders, the National Company Law Tribunal (NCLT) conducted a consolidated insolvency resolution process, merging Videocon Industries and 12 other Videocon group companies.
In June 2021, a bid of just Rs 2,692 crore for the acquisition of Videocon Industries by billionaire Anil Agarwal's Twinstar Technologies was approved by the NCLT. This was also controversial.
Earlier this year, the National Company Law Appellate Tribunal (NCLAT) had put Twinstar's Rs 2,692-crore bid on hold and directed it to invite fresh bids.
Twinstar has filed a Supreme Court challenge, but Videocon Industries' creditors are still looking for a buyer. Some sources said lenders could consider liquidating the once-successful company if it can't find a buyer.
