Videocon interested in buying Deccan Chargers: Venugopal Dhoot

MUMBAI: Conglomerate Videocon Industries will bid for the purchase of the IPL franchise Deccan Chargers, the company?s chairman and managing director Venugopal Dhoot told Indiantelevision.com.

"We are interested in buying the franchise," he added.

The financially stressed Deccan Chronicle Holdings Ltd, the parent company which owns Deccan Chargers, issued a tender today inviting bids to purchase the Hyderbad IPL team under the aegis of BCCI.

Is Rs 6.5 billion a realistic price range? "Yes, this seems to be a reasonable value," Dhoot said.

As per the tender notice, bidders will be required to enter into a new franchise agreement with BCCI.

The purchase consideration will be paid into a bank account as decided by the lending banks, with 5 per cent payable directly to the BCCI.

The bid amount will have to be paid into a bank account of banks as decided by the lending banks with 5 per cent payable directly to the BCCI.

The winning bidder will acquire from Deccan Chronicle Holdings on an "as is where is" basis the right to own and operate the IPL team currently known as Deccan Chargers which is and will continue to be based in Hyderabad, the tender notice read.

The invitation to tender document will be available from 7 September at the BCCI office in Mumbai upon payment of Rs 0.5 million by demand draft of pay order favouring DCHL.

Bids have to be submitted in person at 12 noon on 13 September at the Greenways Hall, ITC Hotel Park Sheraton and Towers, Chennai. The winning bids will be announced on the same day.