MUMBAI, Aug 3 (Reuters) - Indian consumer electronics maker
Videocon Industries plans to refinance a round $3
billion of the diversified group's debt as part of a
restructuring exercise that will cut interest costs and
standardise loan terms, five sources with direct knowledge of
the deal said.
Videocon, which has recently made a series of oil and gas
discoveries in blocks it had earlier invested in, is also
raising another $3 billion in fresh long-term debt, part of
which will be used to fund its future capex requirements for the
oil and gas business, the sources told Reuters on Friday.
Videocon Industries held long-term debt of nearly 273
billion rupees ($4.9 billion) on its books as at end-December
As many as 27 banks are involved in the funding arrangement,
including the country's top lender State Bank of India,
Punjab National Bank and IDBI Bank.
The first tranche of the deal will be signed next week,
while the balance will be finalised later this month.
(Reporting by Prashant Mehra and Swati Pandey; Editing by Sunil