STC to assist Hyundai India Telecom

Chennai: The State Trading Corporation of India Limited (STC) has signed a memorandum of understanding with Hyundai India Telecom Limited (HIT) to enable it to import mobile handsets worth Rs200 crore.

According to Vijay R Singh, HIT's vice chairman and managing director, the company will introduce the latest range of technologically advanced mobile telecom instruments.

"Hyundai mobiles is committed itself to be the leader in the world market for hi-end 3G mobile handsets with cutting edge technology in India and plans to set up extensive distribution and service network across the country."

The Korean company is confident of achieving a five per cent market share in the very first year of its operations. The company plans to launch 15 models of technologically advanced mobile handsets in all segments — high end to value for money range with prices ranging from Rs3,900 to Rs1 lakh.

Hyundai India has a budgeted of Rs25 crore for advertisement and promotions.