Videocon Industries today said it will acquire a 12.5 per cent interest in a Production Sharing Contract (PSC) with the US-based Anadarko Petroleum for an Indonesian offshore oil and gas block at USD 11.1 million.
In a filing to the Bombay Stock Exchange, Videocon said it has signed an agreement with Anadarko Indonesia Nunukan Company for acquiring a 12.5 per cent stake in the PSC. The PSC would cover the area of Nunukan Block, located off the shores of Indonesia, and the joint operating agreement between Videocon Indonesia Nunukan Inc and three other parties would be made effective from August 1, 2009.
Besides, Anadarko Indonesia Nunukan company has also entered into a similar pact with BPPL Ventures Indonesia, an arm of Bharat Petroleum Corp, under which BPPL Ventures would acquire a 12.5 per cent interest in the Nunukan Block.
Pursuant to the closing of the agreement, Anadarko would hold a 35 per cent stake, Medco E&P Nunukan would hold 40 per cent, while BPPL Venture and Videocon would hold 12.5 per cent stake each in the PSC.
Showing posts with label Videocon. Show all posts
Showing posts with label Videocon. Show all posts
Monday, September 7, 2009
Tuesday, June 2, 2009
Videocon goes for an image makeover
Consumer durables company Videocon is undertaking an image makeover exercise, as it looks to position itself as a premium brand with focus on eco-friendly and youth oriented products.
The company, which unveiled its new tagline 'Experience Change' on Tuesday at an event promoting the IIFA awards, said the initiative is a part of its strategy to upgrade from the image of mass market brand to a premium one.
The company has already roped in McCann and Zenith Optimedia as its advertising and media agencies for the purpose. It has also tied up with the IIFA awards this year as one of the co-sponsors.
"Our new tagline...talks not only of eco-friendliness but we are also talking of more aspects. We are talking more of youth minded approach," Videocon Chief Marketing Officer Jaideep Rathore told PTI.
He said the idea behind the image change is more to do with the company's need to address the aspirations of consumers.
"To upgrade our customer to buying a premium product is the need of the hour. That is what we are doing... We have not been doing (it) in a big scale in the premium segment," Mr. Rathore said.
He said the company has in the past was focusing more on the mass market products and its attention on the premium segment was minimal.
"We are trying to bridge the gap," he said, adding the company has already started developing new hi-tech products.
Videocon is trying to bring more products in LCD, frost free, automatic washing machines and air conditioners as to address the premium segment.
On choosing the IIFA awards for launching the new brand identity, he said: "The IIFA awards is an ideal platform and we hope getting associated with such an event is one of the steps for building our brand."
He said the company has tied with several agencies to execute its new brand communications exercise.
"We have now got hold of agencies to support in terms of building the kind of the brand that we want. We have now appointed McCann as our ad agency ...plus we are working with a Singapore-based interbrand. They are working on our corporate brand development," he said.
The company, which unveiled its new tagline 'Experience Change' on Tuesday at an event promoting the IIFA awards, said the initiative is a part of its strategy to upgrade from the image of mass market brand to a premium one.
The company has already roped in McCann and Zenith Optimedia as its advertising and media agencies for the purpose. It has also tied up with the IIFA awards this year as one of the co-sponsors.
"Our new tagline...talks not only of eco-friendliness but we are also talking of more aspects. We are talking more of youth minded approach," Videocon Chief Marketing Officer Jaideep Rathore told PTI.
He said the idea behind the image change is more to do with the company's need to address the aspirations of consumers.
"To upgrade our customer to buying a premium product is the need of the hour. That is what we are doing... We have not been doing (it) in a big scale in the premium segment," Mr. Rathore said.
He said the company has in the past was focusing more on the mass market products and its attention on the premium segment was minimal.
"We are trying to bridge the gap," he said, adding the company has already started developing new hi-tech products.
Videocon is trying to bring more products in LCD, frost free, automatic washing machines and air conditioners as to address the premium segment.
On choosing the IIFA awards for launching the new brand identity, he said: "The IIFA awards is an ideal platform and we hope getting associated with such an event is one of the steps for building our brand."
He said the company has tied with several agencies to execute its new brand communications exercise.
"We have now got hold of agencies to support in terms of building the kind of the brand that we want. We have now appointed McCann as our ad agency ...plus we are working with a Singapore-based interbrand. They are working on our corporate brand development," he said.
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