Videocon revives plan to buy Daewoo

Videocon revives plan to buy Daewoo

Bangalore: India’s largest maker of televisions, Videocon Industries Ltd, has revived plans to acquire Daewoo Electronics Corp., aiming to expand its product line to include the South Korean company’s washing machines and refrigerators.

Videcon notified the sale arrangers on Monday, finance director Suresh M. Hegde said. He said the company would make a bid in 15 days and hasn’t decided whether to partner again with RHJ International, the fund headed by Ripplewood Holdings Llc. founder Timothy C. Collins.

Daewoo creditors earlier this year rejected a 700 billion won (Rs2,958 crore) offer from Videocon and RHJ. Daewoo has cut jobs and sold its car audio and navigation business ahead of the sale.


Move to give coal block auction funds to states

New Delhi: The Union mines ministry would soon seek the Cabinet’s approval to amend the Minerals and Metals (Development and Regulation) Act, 1957, to allow the resources raised by auctioning coal blocks through competitive bidding to be transferred to the resource-bearing states.

A group of ministers has already cleared the proposal, a senior officialof the ministry said.

The final proposal suggests adding a sub-section in the Act to introduce auction as a selection process for allocation of captive blocks.


India Patent Office gets global search status

London: Indian industrial and product innovators will be able to apply for global patents from their home country with World Intellectual Property Organization granting Indian Patent Office the prestigious status of ‘InternationalSearching Authority’.

“The Indian Patent Office has been granted the status of International Searching Authority (ISA) and International Examining Authority, a prestigious status given to a few countries," an official said. As an ISA, major functions of the Indian Patent Office will be to approve or establish the title and conduct global searches. India has modernized its patent offices using state-of-the-art information technology which has helped cut time in granting patents.