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India's Videocon to spin off energy business-paper

Thu Dec 13, 2007 11:17pm EST

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MUMBAI, Dec 14 (Reuters) - India's diversified Videocon Industries (VEDI.BO) aims to spin off its energy business, including coal fields in Indonesia and oil and gas blocks in Brazil, the Economic Times reported on Friday.

Without citing any source, the newspaper said Videocon would spin off six businesses into a separate company called Videocon Natural Resources, and retain a substantial stake in the new firm.

"There is tremendous growth opportunity in the energy space, both globally and in the domestic market, and we want to be a part of it," the paper quoted Videocon Chairman Venugopal Dhoot as saying, but it was not clear whether he was commenting on the possible spin-off.

A spokesman for Videocon, which also has interests in consumer electronics, declined to comment on the report.

The newspaper said Morgan Stanley (MS.N) was advising Videocon on the restructuring plan. (Reporting by Devidutta Tripathy; Editing by Ranjit Gangadharan)



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