Bank of Maharashtra to auction Videocon-backed unit’s assets in Tamil Nadu

State-owned Bank of Maharashtra has put on sale the assets of Unity Appliances Ltd, a unit backed by Videocon Industries, at SIPCOT industrial estate in Shivaganga, Tamil Nadu, for defaulting on payments.

The outstanding dues of the unit are over Rs 153 crore, plus interest, from January 5, 2018. Unity is involved in manufacturing of air conditioners and refrigerators.

Videocon and its promoter Venugopal Dhoot are guarantors to Unity Appliances, according to an auction notice placed by Pune-based Bank of Maharashtra.

The electronic auction for land and machinery is slated for March 30, 2019 with a reserve price of Rs 42.34 crore for land and Rs 72.82 crore for plant and machinery.