Haldiram Foods International Pvt. Ltd, Vedanta Limited (NSEI:VEDL) and Robert Hartono are among the eight suitors competing to acquire Videocon Industries Limited (BSE:511389) under the insolvency and bankruptcy code (IBC) framework for resolution of stressed companies, according to people familiar with the matter. All eight suitors have submitted formal expressions of interest (EoI) and will soon start due diligence on the company, for which a process to find a buyer was formally kickstarted in August.

The other suitors are said to include both strategic and financial investors and a state run oil and gas company, according to banking sources. Despite the diversified nature of operations of Videocon Industries, all potential bidders are expected to submit a comprehensive resolution plan and not bid for assets or business verticals piecemeal.