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TA Associates Invests $45M In Indian Mobile Handset Manufacturer Micromax

Private equity firm TA Associates has announced an investment of $45 million in Micromax Informatics Limited, a Delhi-based handset maker. According to The Economic Times, post investment, TA Associates will have a little less than 20 percent stake in the company. TA Associates is the first institutional investor for Micromax. Ajit Nedungadi, a Managing Director at TA Associates and Naveen Wadhera, Director, TA Associates Advisory, will join the Micromax Board of Directors.  TA’s prior investments in India include cellular operator Idea Cellular in 2006 and  GlobeOp Financial Services, a London-based specialist BPO company serving the financial sector with three offices in Mumbai. The Rise Of Domestic Handset Makers Micromax entered the handset manufacturing business in April 2008 and at present claims to be the third largest handset provider in India, as measured by volume. Indian handset manufacturers including Karbonn, Lava, Fly by Meridian Mobiles, Micromax and Movil by Bling Telecom have increased their market share to 15 percent in 2009 and this is projected to rise to 25-30 percent in the next three to five years. The Indian wireless market is one of the fastest growing in the world, adding 10 to 15 million mobile subscribers per month. The number of subscribers is expected to grow to over 800 million over the next three years. With the crackdown on Chinese manufactured phones with no or fake IMEI and the growing number of mobile phone subscribers, local handset manufacturers could further increase their share of the  pie in the near future. Expansion, Micromax's Plans The investment will…

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