Dhoot says he is not fully informed of the purpose of the amount received from the sale of stake to ONGC . He adds that the group is keen on making a foray into the banking sector and has applied for a banking licence already.
Below is the edited transcript of the interview on CNBC-TV18
Q: Of the USD 2.5 billion that you are to receive, what is the portion that accounts for profit? In which quarter of the year's profit and loss account will it reflect?
A: We have just completed the deal and we are yet to decide. The chairman is in Mumbai and at a meeting of the board in about three hours in Dubai we will be able to decide what needs to be done.
Q: Can you confirm of the entire amount will go into the books of the listed Videocon company?
A: I am not the right person. The deal has just been completed. I request you to talk to my brother, Venugopal Dhoot who is in Mumbai.
Q: Are you planning to sell some of your other assets too?
A: We have a very big oil field in Brazil with large reserves. We want to continue to operate in this oil business.
Q: So, you don't want to exit the Brazilian venture?
A: No way. The Brazil oil field is the crown jewel of the Videocon Group's oil foray.
Q: Are you also planning to apply for a banking licence?
A: We have not yet decided. We have zeroed in on a partner but we will not disclose that right now. But we are very keen on a banking licence.
Q: Is the partner from overseas?
A: It maybe. Our insurance arm, Liberty operates in overseas markets. We are to decide.
Q: When will the decision be taken?
A: In about four-to-five days.
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