Consumer durables heavyweight company Videocon has announced that it is planning to sign joint venture deal with Japanese majors Mitsui and Hitachi.

Under the joint venture, the company (Videocon) will set up logistics for supporting its retail operations

In the JV, Mitsui will play a role of major partners and Hitachi will hold a minority stake.

The venture will not only provide back-end support for Videocon`s retail businesses Next, Bolld, Planet M and its appliance business, but it will also cater to external clients.

The JV will start commencing by the third quarter of 2008-09.

Shares of Videocon Industries settled at Rs 274 on National Stock Excahnge.