Videocon submits EoI for Motorola handset unit

{image-videocon logo1_05042008.jpg news.oneindia.in}New Delhi, Apr 5: Consumer electronics giant Videocon Industries today said it has filed an expression of interest (EoI) for Motorola Inc's handset business, saying the whole acquisition process will take time on account of clearance from the regulatory body.

''We have submitted the EoI for the Motorola's handset business, and that will take some time because of regulatory clearance in the United States,'' Videocon Chairman and Managing Director V N Dhoot told reporters here on the sidelines of releasing a report on 'India's FTA's and the Indian Industry 2008.' Motorola last week had said it would spin off the money-losing mobile phone business.

Motorola's handset business has come under intense pressure over the past few months from rivals such as Nokia, Apple and Samsung. It has lost 388 million dollars in the last quarter. Mr Dhoot refused to divulge any details on the bidding amount.

However, business analysts put the enterprise value of Motorola's handset business anywhere between 3-4 billion dollars.

Mr Dhoot said that the company has hired Swiss investment bank, UBS to advise it on the deal.

UNI