Yes, Videocon is an Indian company. It is an Indian multinational conglomerate founded in the year 1979. The company was a manufacturer of consumer electronics, home appliances, and mobile phones. In addition, the company also operated in sectors like real estate, telecommunications, and oil and gas. Videocon was the largest manufacturer of picture tubes in the world at one point of time.
Videocon was a major brand in the consumer electronics and home appliances market like televisions, washing machines, air conditioners, microwave ovens, refrigerators and more. The company also manufactured Android mobile phones and offered DTH services in high-definition. Furthermore, Videocon was also engaged in oil and gas exploration. The company ceased operations in 2018.
| Detail | Info |
| Founded | 1979 |
| Founder | Venugopal Dhoot |
| Headquarters | Mumbai, Maharashtra, India |
| CEO | Venugopal Dhoot |
| Sector | Consumer electronics, Home appliances, Telcommunications, Real Estate, Oil and Gas |
Company History
Videocon Industries Limited was established in the year 1979 by Venugopal Dhoot at Aurangabad in Maharashtra. The company started as a manufacturer of black and white television sets under the brand name Videocon. Videocon introduced colour televisions in India in the 1980s. Subsequently, the company diversified its product portfolio by including VCRs and VCPs.
In the 1990s, Videocon expanded into home appliances by manufacturing washing machines, refrigerators, and air conditioners. The company had become a major electronic brand by the later part of 1990s. Videocon entered the oil and gas sector by acquiring 25% stakes in Ravva Oilfield in Andhra Pradesh in 2005.
Videocon entered the telecommunications sector by launching Videocon Telcommunications in 2008. It acquired 2G spectrum licenses and introduced DTH services. In the year 2009, the company launched Android smartphones.
By 2012, Videocon had captured 20% and 25% shares in washing machine and refrigerator market respectively. It operated 17 manufacturing plants in India and foreign countries like Poland, China, Mexico, and Italy.
Current Status
Videocon is currently in a state of operational inactivity and financial distress. The group’s 13 companies owe around 88,000 crore rupees to creditors. Videocon’s revenues from the electronics market were eroded by brands like Samsung and LG. Its telecommunications business was severely hit when the Supreme Court of India cancelled 2G licenses allotted to the company.
Vedanta Group acquired Videocon in the year 2021 with the approval of the National Company Law Tribunal. However, the NCLT has now set aside the resolution plan due to procedural issues.
Future Outlook
Videocon is a defunct entity and its future depends upon the results of the ongoing Corporate Resolution Insolvency Process. The company is likely to face liquidation, until and unless a new bidder emerges.