Central Bank of India has classified its loan exposure to Videocon Industries as a non-performing asset (NPA) in the first quarter of FY18. This step comes after Dena Bank classified Videocon’s exposure of Rs 520 crore as a bad loan in the fourth quarter of FY17. Videocon Industries has a loan of Rs 2,700 crore from Central Bank of India.
Videocon Industries had appealed to Indian banks to extend the tenure of its debt worth Rs 22,000 crore after it lost a sizeable amount of funds in its telecom venture. The flagship company owes another Rs 22,000 crore of loans from international banks which are serviced through revenues from its oil and gas fields overseas.
Videocon Industries is engaged in the manufacture, and wholesale and retail trade of consumer electronics and home appliances items.