India's Videocon in Talks to Buy Motorola's Handset Division

India's Business Standard, a daily business newspaper, is reporting that India based Videocon is a "likely" to buy Motorola's ailing mobile phone division. According to the report, Videocon CEO Venugopal Dhoot said today that his company was already in initial stage talks with Motorola.

Videocon is a manufacturer of consumer goods, including computer monitors and televisions, kitchen appliances, and audio equipment. It also owns a large oil field that produces 50,000 barrels of oil per day.

Analysts currently estimate Motorola's cell phone division to be worth somewhere in the realm of US$3.8 billion. [via mocoNews]