Videocon Industries today said it expects to finalise a deal to sell 40 percent stake in its consumer electronics goods retail chain Next by this Diwali. "Currently talks are on with five interested foreign parties to sell 40 per cent stake in Next. We expect a deal to be finalised by Diwali this year," Videocon Industries Chairman and Managing Director Venugopal Dhoot said.
Without naming the parties, he said three are from Europe and two other from the US with the same business as Next Retail. Dhoot also declined to comment on the value that Videocon Industries is looking from the stake sale. Next operates over 550 showrooms across 25 states with a presence in 300 cities and towns spanning metros and large towns under the 'NEXT' brand, according to the company's website.
It has set a target of touching a turnover of Rs. 2,500 crore for current fiscal with 800 plus stores.NEXT stores sell retail consumer electronics, small home appliances and mobile phones of most of the popular brands such as LG, Samsung, Videocon, Sony, Electrolux, Kelvinator, Whirlpool, Onida, Philips, Kenstar, Sansui, apart from its own private labels.