HCL Infosystems to acquire 20 % of Dubai's Techmart Telecom
30 December 2010
HCL Infosystems today said that it plans to acquire a 20-per cent stake in Dubai's Techmart Telecom Distribution FZCO, to expand in the emerging markets of Middle-East and Africa.
In addition to the stake that is being acquired through its Singapore-based Special Purpose Vehicle, HCL Infosystems will be providing consultancy and operational services to Techmart, which is the Dubai-based partner of Nokia to leverage the company's expertise in the telecom distribution space.
The deal also provides an option for HCL Infosystems to acquire up to a 51-per cent stake in Techmart.
Techmart Telecom is the distributor for Finland-based Nokia's smartphones in the Middle East and Africa. With this strategic development, HCL Infosystems said that it will now expand its global distribution footprint in the emerging markets of Middle-East and Africa.
''We have taken another step in further expanding into emerging markets of Middle East and Africa. This move would strengthen our footprint in the Middle-East and African countries,'' said Harsh Chitale, CEO of HCL Infosystems.
''HCL Infosystems is a key partner of Nokia globally and we look forward to work with them, in association with Techmart Telecom, in expanding our smartphone business in Middle East and Africa,'' said Chris Braam, VP-sales Nokia MEA.
HCL Infosystems did not disclose the financial terms of the transaction.