Venugopal Dhoot: Here’s all you need to know Videocon Group founder

The chairman, CEO, and managing director of Videocon, Venugopal Dhoot was arrested earlier this week for alleged loan scam of ICICI Bank. This arrest came after ICICI Bank's former MD and CEO Chanda Kochhar and her husband Deepak Kochhar were detained in this matter.

It is claimed that Chanda Kochhar approved a high-valued loan for Dhoot’s company, Videocon after he agreed to make investments in renewable business of Kochhar’s husband. In the alleged loan fraud, ICICI bank sanctioned a loan of Rs 1,875 crore to Videocon group between 2009 and 2011. These loans were later claimed as non-performing assets which led to a loss of Rs 1730 crore to the bank.

ICICI is India's third-largest lender, and Kochhar, a famous CEO, was once regarded as one of the icons of the industry.


Venugopal Dhoot is a well-known business entrepreneur in India. According to Forbes, in 2015, the Indian conglomerate was 61st richest person in India with a wealth of $ 1.19 billion. Videocon was also among the first company to get the license to manufacture colour TV in India. This was considered as a major breakthrough for Videocon. Under Dhoot's leadership, Videocon expanded globally and also ventured into various businesses like manufacturing washing machines, refrigerators, AC etc.

Dhoot always dreamt big. He launched mobile phones, telecom and satellite TV services. He also entered the oil and gas sector. But during the 2G spectrum scam, Videocon Telecommunications saw their licenses being canceled. Although it got its license back and later sold the the spectrum to Bharti Airtel.

Dhoot started facing high competition in his core business from global companies like LG and Samsung.

In 2012, Videocaon became a highly indebted company. And in 2018, insolvency proceedings were initiated against it.

FAQs:

1. When was Venugopal Dhoot born?
   30 September 1951
2. When did Videocon’s financial woes begin?
   Videocon’s financial woes began in 2010, when the international competition in the consumer durable sector increased.