Matrix Cellular Services, a Delhi-based provider of SIMs and data cards for international travellers, is talking to telcos for what could be a distribution partnership or a sell out. "We have been exploring inorganic options, but it is still a long shot," said the company spokesperson. The firm is in talks with a 'handful of telcos' interested in its offering. No names are being revealed. The Mobile Store? Calling the Economic Times story on The Mobile Store looking to acquire the company a rumour, Gagan Duggal, MD, Matrix, told MediaNama that he has been talking to various players since last summer and that the report was not "in the right direction". Duggal is a major shareholder in the firm. Do note that Bennett, Coleman & Co Ltd (BCCL), which publishes the Economic Times, had invested in Matrix last year. The Mobile Store a part of the Essar Group, is a retail chain selling handsets, mobile accessories and VAS with over 1,300 company-owned outlets, employs around 4,500 people. ET reported that an offer has not yet been made and that Matrix is looking at a valuation of at least three times the company’s current revenues, as advised by KPMG. When asked if Videocon-promoted telco Datacom, was one of the telecom contendors, we got a 'no comment' from the spokesperson. Given Videocons retail network, strengthened by its acquisition of PlanetM and its investment in Datacom, we thought this would be an interesting fit - with both a retail and telecom play. Consolidation and Competition The hunt has been on for a while now,…
