Jyoti: On the prowl

Calcutta, May 22: Videocon Industries is close to acquiring the US-based Polaroid and Korean Daweoo Electronics. The negotiations are in the final stage and the deals could be sealed in a couple of months, according to a source close to the developments.

Videocon, which has recently announced its plan to set up a Rs 200-crore LCD (liquid crystal display) television manufacturing plant in Bengal, has already sent in its bids for Polaroid.

The company has appointed PricewaterhouseCoopers as its adviser to the deal, which could cost Videocon Rs 900 crore.

Videocon is also planning to buy out Daewoo Electronics. Others in the race are Haier and LG.

?We are in the final round of discussions and an announcement is expected in the next couple of months,? the source added.

Videocon Industries had last year acquired Thompson?s colour picture tube manufacturing facilities world-wide and the company now owns six manufacturing plants across the globe.

Videocon Industries has recently restructured its sales and marketing division to boost its domestic sales and market share.

According to Shekhar Jyoti, vice-president (marketing and sales), Videocon Industries Ltd, ?Instead of one national head (for sales and marketing), there are now two independent vice-presidents ? one will be responsible for the eastern and western markets and the division will be headquartered in Bangalore, while the other will take care of the northern and southern market and will be headquartered in Aurangabad,? said .

?LCD televisions are our focus area. As of now, we are catering to the European market from our plant In Italy and are importing LCD TVs from that plant to sell in India,? Jyoti added. The plant in Bengal would cater to the growing domestic market and the neighbourhood countries.

The consumer durables manufacturer has its eyes on opportunities in Bengal. Other than setting up a plant and an IT park here, the company also plans to strengthen its dwindling market share in this part of the country.

?We want to double our share in the colour television market in Bengal to 7.5 per cent from 3.5 per cent,? Jyoti said. The company is also taking steps to boost its refrigerator and other consumer durables here.

Videocon recently raised the prices of its refrigerators and other white goods products by Rs 260-280 following a rise in cost of metals and plastics, the raw materials for those products.