Videocon plans US entry in two years

NEW DELHI: Indian multinational Videocon, plans to list in the US market in two years by when it dreams of putting its products in American homes.

"My dream is to enter the US market... we would like to enter the market as soon as we are ready. Probably in two years' time. Once we enter the market we will ring the Nasdaq bell," Videocon Group Chairman Venugopal Dhoot told the media.

Videocon could then join the likes of IT giants Infosys, Wipro and Satyam, which are listed on US bourses. While Dhoot himself could be rubbing shoulders with tech czars N R Narayana Murthy and Azim Premji, who rang the opening bell at the NYSE and Nasdaq.

Dhoot, however, said at present the company was preparing itself for the entry into the world's most competitive consumer electronics market.

"You cannot go haphazardly or half heartedly in the US market, because it is 'the market'. It is 40 per cent of the world's market. So when you want to enter the US market you have to be very cautious," he said.

The company's plant in Mexico could serve as the route to the US, he added.

Although the group has not yet decided on the amount to be raised from the proposed US listing, Dhoot said the proceeds form it would be utilised for funding its mergers and acquisition activities.