The State Bank of India has invited bids for overseas oil and gas assets of Videocon Industries Ltd, as India seeks to recover billions of dollars in loans from the beleaguered private firm. Consumer electronics firm Videocon Industries is one of the most indebted companies in India, with outstanding loans worth around Rs 60,000 crore ($8.53 billion) from its financial and operational creditors.

In October, SBI Caps, the investment banking arm of State Bank of India, was appointed to start the process of valuation and monetisation of the firm`s oil and gas assets overseas. SBI said it had appointed consultant Deloitte to find buyers for Videocon`s exploration assets in Brazil and Indonesia.