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Rajkumar Dhoot exits Videocon telco unit [Mail Today (India)](Mail Today (India) Via Acquire Media NewsEdge) INDUSTRIALIST Rajkumar Dhoot has resigned as chairman and managing director ( MD) of Videocon Telecom, sources familiar with the development said on Tuesday. The resignation is believed to have been submitted a few weeks ago, the sources said on condition of anonymity. When contacted, Videocon Telecom chief executive officer Arvind Bali refused to confirm or deny the news. Videocon Telecom is a subsidiary of the $ 5- billion Videocon Group. Rajkumar Dhoot is the younger brother of Venugopal Dhoot, chairman of the Videocon Group. Last June, Rajkumar was reappointed as MD of the telecom arm for five years till 2018 with substantial powers to steer ahead the struggling company. The 58- year- old had been part of the telecom business since its inception in 2008. The Group had invested ` 10,000 crore in the telecom business but suffered a jolt when the Supreme Court ordered the cancellation of the company's licences— along with those of many other mobile phone operators— in February 2012. The Group again rolled out the telecom business last January and Rajkumar's role was expanded to help in the relaunching efforts. The larger managerial role entrusted to him was widely seen as a precursor to some sort of succession planning in the Group. Rajkumar's exit comes at a time when the telecom sector is about to see more competition once Reliance Jio Infocomm enters the fray. Videocon, a consumer electronics and home appliances giant, also has interests in oil and gas, direct- to- home television, mobile handsets and power. The Group has invested the most in the telecom business. Some say Videocon could also exit the telecom business if regulations allow and it gets the right price. (c) 2014 India Today Group. All Rights Reserved. Provided by Syndigate.info, an Albawaba.com company |