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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Four years after the company entered the bankruptcy process, there is little hope of lenders recovering even a fraction of their dues
Editor's note: The government’s plan to privatize IDBI Bank hinges on its ability to sell the lender’s remarkable turnaround story to prospective investors. The bank is on track to record its third straight year of profits after a stretch of four years, during which it suffered losses adding up to over Rs 40,000 crore. The slate, one would think, has been cleaned, allowing the government to start the disinvestment process earlier this week. But there’s an overhang. That of Videocon Industries Ltd, the once profitable business owned by Venugopal Dhoot, which entered the bankruptcy process in 2018. Of VIL’s Rs 62,000 crore debt, a large chunk—Rs 9,917 crore—is from IDBI Bank. It accounted for 20% of IDBI Bank’s non-performing asset book as of 2018-19. In the last four years, the bank has been able to recover just Rs 250 crore of that debt, which came from the sale of a warehouse in Poland that was provided as security by a step-down subsidiary of VIL’s. That is the only asset that IDBI Bank has been able to get its hands on till now, …
Four years after the company entered the bankruptcy process, there is little hope of lenders recovering even a fraction of their dues
Editor's note: The government’s plan to privatize IDBI Bank hinges on its ability to sell the lender’s remarkable turnaround story to prospective investors. The bank is on track to record its third straight year of profits after a stretch of four years, during which it suffered losses adding up to over Rs 40,000 crore. The slate, one would think, has been cleaned, allowing the government to start the disinvestment process earlier this week. But there’s an overhang. That of Videocon Industries Ltd, the once profitable business owned by Venugopal Dhoot, which entered the bankruptcy process in 2018. Of VIL’s Rs 62,000 crore debt, a large chunk—Rs 9,917 crore—is from IDBI Bank. It accounted for 20% of IDBI Bank’s non-performing asset book as of 2018-19. In the last four years, the bank has been able to recover just Rs 250 crore of that debt, which came from the sale of a warehouse in Poland that was provided as security by a step-down subsidiary of VIL’s. That is the only asset that IDBI Bank has been able to get its hands on till now, …
After 19 investment rounds and over $2.1 billion raised, the kirana supply startup’s investors seem to finally be in the mood to collect their dues. What happens next?
After a strong listing, Vedanta Aluminium Metal is running into some headwinds. Aluminium prices are easing, but the sharper challenge is rising competition from Kumar Mangalam Birla and Gautam Adani.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
After 19 investment rounds and over $2.1 billion raised, the kirana supply startup’s investors seem to finally be in the mood to collect their dues. What happens next?
After a strong listing, Vedanta Aluminium Metal is running into some headwinds. Aluminium prices are easing, but the sharper challenge is rising competition from Kumar Mangalam Birla and Gautam Adani.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
