Videocon spin off energy assets - clarification

With reference to the news items appearing in a leading financial titled "Videocon plans to spin off energy assets", Videocon Industries Ltd has clarified that in line with the recent amendments to the main object clause of the Memorandum of Association of the Company, the Company proposes to adopt a structure for pursuing the new activities by creating activity wise verticals. It is proposed to have separate verticals for different lines of activities such as Thermal Power, Oil & Gas, Mining of Natural Resources including Coal and Renewable Energy including Solar Energy.

These Verticals will be housed in one or mere Special Purpose Vehicles which will be wholly owned by the Company. At an appropriate stage, the Company may consider for funding of each respective project, induction of private equity and / or operating partner on case to case basis.