(T.E.T)
The resolution professional of VOVL, the oil and gas exploration company of Videocon Industries, received over a dozen expressions of interest (EoI) from a Vedanta NSE 4.07 % entity, ONGC Videsh,
Singapore’s Saiml Pte Ltd and two separate applications from Brazil-based oil explorers Petro Rio SA and Geneva SA, people aware of the matter, said.
Among these EoI applicants, Petro Rio SA and Geneva SA had earlier submitted binding bids, but both were not opened since the lenders directed the RP to restart the process of inviting bids, as reported.
The resolution professional, Pravin Navandar, has invited a binding bid by January 15.
The RP did not respond to a request for comment.
“ONGC Videsh is mandated to look for oil and gas business development opportunities globally. Resolution process of VOVL is one of such opportunity,” ONGC said in an email response.
Lenders’ decision to restart the process stems from worries that a very low offer like for Videocon Industries could impact the resolution process. Consequently, lenders persuaded oil and gas exploration company ONGC to participate in the resolution process. According to lenders, participation by the state-owned company would bring credibility to the resolutigon process.
In the case of Videocon Industries, the recovery was 4.15% of the total claims made by financial creditors. This resulted in experts commenting that the consumer durable company was sold at a throwaway price.
