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Our Bureau

Mumbai, Feb. 24

Videocon Industries Ltd will be bidding for the South Korea-based Daewoo Electronics, the company's chairman, Mr Venugopal Dhoot, said.

"Daewoo Electronics is a big company and is for sale. The merchant bankers have approached us. We will participate in the bidding process," Mr Dhoot told Business Line on Friday.

Daewoo Electronics is a Rs 15,000-crore company. "It has a strong brand and there can be good synergy between the two companies," Mr Dhoot said. Videocon Industries, a Rs 9,000-crore company, expects to fund this acquisition if it comes through, from internal accruals. "We have annual internal accruals of Rs 1,000 crore," he said.

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