Biyani''s Pantaloon Retail India Ltd has entered a joint
venture agreement with Axiom Telecom of the United Arab
Emirates to distribute mobile handsets.
two companies will form a 50:50 joint venture with an
equity base of up to $40 million, for wholesale and
retail marketing of handsets and accessories and after
sales service market to distribute mobile, and set up
service centres in India, the world''s fastest growing
to Kishore Biyani, group chief executive, Pantaloon
Group, "There is no doubt that mobiles will soon
be the single largest electronic products retailed in
the country." He said that the venture expects
revenues of about $200 million in the first year of
joint venture would be carried out through a new company,
which will focus on developing backend-sourcing infrastructure
for Pantaloon Retail''s existing telecom retailing business,
to enable it to expand
the flagship of the Future Group, operates department
stores, hypermarkets and malls, besides specialised
formats for footwear, furniture and consumer electronics.
Al Bannai, CEO, Axiom Telecom LLC, "We believe
that our expertise in distribution and after sales service
operations, and Future Group''s understanding of the
Indian consumer and the marketplace, will create a win-win
for us, as well as the Indian consumers."
India Finance Ltd. and Alpen Capital (ME) Limited, Dubai
were joint financial advisors to the transaction.