Videocon Telecom, a part of the diversified $4 billion Videocon Group is in talks to float a joint venture (JV) with three international smart city solution providers, even though it is planning to gradually exit the spectrum-dependent mobility business. The proposed JV will be participating in upcoming government tenders, that are related to smart city projects.
In one of his statements, Arvind Bali, Director and Chief Executive of the firm, said, Videocon Telecom has shortlisted three leading global companies based out of the US, Israel and Europe respectively for a JV that will drive its diversification into the smart cities business, and we will shortly finalise a foreign partner. ”
Videocon Industries was established 20 years ago, and is a global conglomerate. Its businesses consist of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.