India - CopyTele ( http://www.copytele.com ) announced that the Indian Government has approved the previously announced License Agreement between CopyTele and Videocon Industries (Videocon; http://www.videoconworld.com ) of India under which Videocon will manufacture and market products, including TVs, utilizing CopyTele`s display technology.
The approval of the Indian Government was the sole condition to effectiveness of the License Agreement. Under the License Agreement, CopyTele will receive a license fee of $11 million from Videocon and a royalty based on display sales by Videocon. The license fee is payable in installments over a 27 month period, with the first installment of $2 million payable within 15 days.
Videocon is the 3.5 Billion US Dollar flagship company of the Videocon Group, one of India`s leading business houses. Videocon Group is a fully integrated consumer electronics and home appliances enterprise with backward integration in Plasma Panel, CRT Glass, Color Picture Tubes and other key components for the consumer electronics, home appliances and components industries.
The company also operates in the Oil & Gas sector through its 25% participating interest in Ravva Oil Field which produces 50,000 barrels of oil per day. The group also has participating interests in exploration activities in Oman, Timor, Brazil, and Australia.
The Videocon Group has the widest sales & service network in India supporting seventeen locally-based factories. In addition, the Group operates facilities in Italy, Poland, Oman, China and Mexico.