India is growing an appetite for continental. March saw Tata buying out Jaguar and now news of Videocon’s bid to acquire Motorola’s (NYSE: MOT) non-profitable handset biz. Videocon Chairman Venugopal Dhoot has been quoted by Mint expressing an interest in acquiring the mobile handset business seeing a fit with their pan-India 22 circle license acquisition for GSM mobile services under the brand Datacom. The valuation of Motorola’s handset division is worth $3.8 billion as per Merrill Lynch, more than double the market value of Videocon Industries, the group’s listed company.

Though Motorola is using its numero uno status in the States as a buyer proposition, our sister site Moconews reports that on LG (SEO: 066570), Sony (NYSE: SNE) Ericsson (NSDQ: ERIC) and Samsung (which recently took over Motorola for no. 2 position global handset sales) have said that they’re not interested in buying. No idea on the valuation of the bid currently, but if it does work out, it will be a massive coup for Videocon. All reports indicate the entire managerial structure within Motorola’s handset division is devoid of innovation and has decayed internally on the success of the Razr. However, resurrections are not uncommon in technology and a firm which invented the cellphone, made a decision to direct all their engineering resources and efforts on a concept the industry dubbed insane, can in the least reinvent itself.

Videocon’s recent acquisitions include PlanetM from BCCL for Rs 200 crore. We had previously covered their plans to garner a minimum of 10-11 million subs by 2011-2012.