Promoters of Videocon have been given the March 2017 deadline to infuse capital into the struggling company, which has outstanding loans of Rs 43,000 crore.
A report by the Economic Times
says that Videocon plans to sell its non-core assets like real estate to infuse capital into the company. The company said this at a joint lender forum.
The value of real estate could be in the range of Rs 2,000 crore, the report says.
The company is also planning to monetise its properties in Mumbai, Delhi, Bengaluru and Kolkata in addition to overseas properties. These are worth Rs 4,000 crore and would be sold off over a period of time, Chairman of Videocon Venugopal Dhoot told ET.
Videocon has started the process of selling its non-core assets already. Videocon Telecommunication has sold off its entire spectrum holding to Bharti Airtel in March this year for Rs 4,428 crore.
While the company has managed to pay off its loan instalments, they have been done just before the monthly deadline, which is worrying the lenders as the company has chances of become a NPA.
As per guidelines of Reserve Bank of India (RBI), an account is classified as a non-performing asset when payment is not made for 90 days. Videocon is currently a SMA-2 (special mention account), which means that loan installment is paid between 60-90 days post the due date.
However, the company has assured its lenders of regularising the loan payments soon.