Videocon hires top global banker to convey interest in handset biz.
The Videocon group has expressed interest in buying telecom giant Motorola’s struggling mobile handset business, which is being split into a separate company.
“We have hired one of the world’s top three investment bankers who will convey our interest to buy out the mobile handset business of the US company,” Group Chairman Venugopal Dhoot told Business Standard.
Explaining why he was bidding for Motorola’s handset business, Dhoot said his group was ready launch its pan-Indian GSM mobile operations at an investment of Rs 6,000 crore.
Also, it has a consumer durables retail chain under the brand name “Next” with over 1,000 stores across the country that stock mobile phones too.
“The Indian market for mobile phones is around 120 million units a year and we have our own retail chain stories that we can leverage. Also, we can transfer the manufacturing plant to India to leverage cheap labour in the country,” added Dhoot.
source : http://www.business-standard.com/
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