Videocon Industries is mulling to dilute up to 26 per cent stake in its telecom services venture to foreign players.

According to sources, the company is planning to offload the stake once it gets good valuation.

The company, which has licences to offer GSM based mobile services in 22 circles, recently started operations in Tamil Nadu, Gujarat and Mumbai. It has earmarked Rs 15,000 crore for rolling out GSM infrastructure.

Earlier, it had looked for a foreign partner but could not finalise the deal due to a dispute with another shareholder, Mahendra Nahata. However, recently the Videocon Group bought out Nahata's stake.

However, due to the three-year lock-in period on promoters' equity introduced by the Union Government, the company will not be able to dilute their stake but can only issue fresh equity if they want to bring in a strategic investor before 2011.

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