Videocon in talks for JV with Japanese firms

Videocon in talks for JV with Japanese firms
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First Published: Mon, Jul 14 2008. 12 50 PM IST
Updated: Mon, Jul 14 2008. 12 50 PM IST
Reuters
Mumbai: Consumer durables firm Videocon Industries Ltd is in talks to set up a logistics joint venture with Japan’s Mitsui and Hitachi to support retail operations, a Videocon spokesman said.
He however refused to elaborate.
The joint venture will first support Videocon’s consumer durable retail chain ‘Next´, its cash-and-carry business, and music chain Planet M, then later cater to external clients, the Economic Times reported on 14 July.
The venture is expected to start operations by the third quarter of fiscal 09 and the Indian firm is working on the name and equity holdings of the three partners in the venture, the newspaper reported citing unnamed sources.
Videocon and Mitsui will be the majority partners and Hitachi will handle the back-end support for the electronics goods business while Mitsui will handle supervisory functions, the newspaper reported.
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First Published: Mon, Jul 14 2008. 12 50 PM IST