Videocon exits industry

Videocon Industries Ltd has announced the sale of its entire stake in its joint venture with US-based Liberty Mutual Insurance Group to Diamond Dealtrade Ltd and Enam Securities Pvt Ltd.

Videocon, which had a 51.32 percent stake in the venture, Liberty Videocon General Insurance Company Ltd, sold 26 percent stake to DP Jindal Group’s Diamond Dealtrade and the remaining to Enam Securities. The deal value was not disclosed. The JV will change its name to Liberty General Insurance Company Ltd.

Videocon did not attribute an explanation to the cause of the sale. However, it is one of the companies that are being taken to bankruptcy court by its lenders for resolution of debt, stated a Reuters report.