New Delhi: A consortium led by Videocon Industries Ltd. has submitted a revised bid for South Korean appliance and television maker Daewoo Electronics.
The bid comes a month after Videocon lost the preferred bidder status for acquiring the ailing electronics gaint.
PTI quoted sources as saying that the consortium was expecting a positive reply from the creditors of Daewoo.
Despite submitting a bid, which has been scaled down by 13 per cent from the original price of 700 billion won (about $728 million), the consortium of Videocon and US-based fund Ripplewood is confident of picking up a 97.5 per cent stake in Daewoo Electronics.
Videocon has refused to comment on the revised bid only saying that the company is expecting results in a month's time.
South Korea-based fund MRK Partners, promoted by the Carlyle Group is expected to give the Videocon and Ripplewood consortium competition.
(With inputs from PTI)
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