SAR Group buys 51 % stake in Venture with Meridian Mobiles

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Rakesh Malhotra promoted SAR Group, has acquired a majority stake of 51% in a joint venture with the Indian subsidiary of Median Group, Meridian Mobiles that sells Fly handsets in the country. Fly Mobile has been an early entrant to the Indian market, is known to be challenger brand.

Prem Kumar will continue as Managing Director and Navneet Kapoor, Co-Founder SAR Group would be the Chairman of Fly Mobiles (P) Ltd. This acquisition would open entry into the SAARC region including India. SAR Group is committed to making long term investments in this association.

Malhotra said, "SAR Group has a sizeable commitment to this business vertical through its existing portfolio in Wynn Telecom; Wynncom has reached a run rate to take it to Rs. 250 crore in 2012. With the acquisition of majority stake in Fly mobiles, SAR Group will add approximately a similar size to its telecom portfolio to emerge as one of the top 5 companies in the Indian handset market. This would be the starting base for SAR group to consolidate and build in this industry. We are excited about our investment in Fly; Fly has long standing investments in R&D in China and Korea; by synergizing our product development and R& D capabilities we shall have a definitive competitive advantage in the market."

Prem Kumar, CEO, FLY Mobiles Pvt. Ltd. said, "We are very excited about this joint venture; joining forces with SAR will enable our common vision of providing the state of art products to the consumers. We will combine our strengths to deliver an ecosystem with incomparable reach and scale. Today's announcement shows our commitment to delivering world class products in Indian and SAARC region. This JV is a part of our strategy of broadening and deepening our presence in the competitive market. The future of Mobile handset industry will continue to be driven by innovation, but it will also be about ensuring that the consumers have a magnificent experience with the device and unparallel service support. Our respective strengths are a natural fit and will help us address the fast evolving needs of today's consumers."

Malhotra said, "The handset industry in India requires immense investment in product innovation, software, VAS, supply chain development and quality control. It is imperative that the fragmented nature of this industry in India, changes through consolidation in synergies in supply chain, R&D and distribution build-up."

Both the companies are expected to significantly benefit through this new joint venture.


For More Details See

www.varindia.com

Comments

Post a Comment

Popular posts from this blog

N Chandrasekaran appointed chairman of Tata Sons

Image
The board of directors of Tata Sons, at its meeting has unanimously appointed N Chandrasekaran as executive chairman, Tata Sons. N Chandrasekaran shall take charge from February 21, 2017. The board of Tata Sons said, “Chandrasekaran has demonstrated exemplary leadership as the chief executive officer and managing director, Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead.” Chandrasekaran was the chief executive officer and managing director of Tata Consultancy Services since 2009. A Tata lifer, he had joined the company in 1987 and was appointed as a director on the board of Tata Sons on October 25, 2016.
Read more

DoT Secretary hints at making Draft NTP 2018 available in public domain soon

Image
“A draft National Telecom Policy 2018 that is liberal and non-prescriptive in its licensing approach in Machine to Machine (M2M) communication is being given final touches. The policy should be in the public domain in the next two to three weeks for discussion and responses from stakeholders,” said Aruna Sundararajan, Secretary, Department of Telecom, Ministry of Communications. Aruna Sundararajan said, “M2M is the next big opportunity for India in terms of its impact and the quantum change that it will bring about in the quality of services and delivery. The favourable impact of M2M on job creation had already set in as seen by the arrival of the first set of start-ups in the areas such as agriculture, smart cities, healthcare and water management.” She stressed that NTP 2018 would be transformative in harnessing the full benefits of M2M communications. She further said that in the M2M framework the focus would be on low-cost manufacturing, where exciting innovatio
Read more

Visa buys NFT based CryptoPunk and paid $150,000 in Etherium

Image
Visa buys NFT based CryptoPunk and paid $150,000 in Etherium:  Leader in the digital payments   Visa   has purchased a digital CryptoPunk for $150,000, marking the company's first ever   NFT   purchase. The deal is clearly shows that, Visa is stepping into the world of NFTs with its purchase of   CryptoPunk 7610 .   Going forward, NFTs and Visa to align and integrate them in new brand strategy to gain a sizable market share. However, NFTs have often been compared to physical collectible items like rare trading cards and works of art.   The CryptoPunk 7610, which feBlatures a female punk with a mohawk and large green eyes. "We envision there could be a future where your crypto address becomes as important as your mailing address," Visa's Head of Crypto said.   An NFT - which stands for non-fungible token - is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can’t be exchanged like-for-like with an
Read more