wordpress blog stats
Connect with us

Hi, what are you looking for?

SAR Group Acquires 55% Stake In Fly Mobile’s Indian Subsidiary

SAR Group, makers of the Wynncom mobile handsets, has inked a deal with the Indian subsidiary of the UK -based Meridian group to acquire 55% stake in Fly Mobile's business in India and SAARC regions, reports The Economic Times. The report says that the group intends to keep both Fly and Wynncom as separate brands and it intends to create a separate entity in the future, which will manage its mobile handset business. The total investment in this partnership including additional investments over the next three years ranges somewhere between Rs 200-250 crore, according to SAR Group's promoter Rakesh Malhotra. This announcement follows earlier reports of SAR Group being in talks with the Indian arm of Fly Mobiles to either acquire or take a majority stake in the joint venture, suggesting that the SAR group is finding the Indian mobile handset market quite complex to develop an effective logistics and supply chain strategy to build volumes in the presence of larger players like Micromax, Spice and Karbonn. SAR group currently holds a 72% stake in Wynncom and 80% stake in WorldAce, a third-party after sales service provider for mobile handsets across multiple brands in 640 locations across the country. In May 2011, the group had acquired a Mumbai-based low-cost phone maker G-Fone for its product development capabilities while incorporating some senior executives into Wynncom's management, as noted by The Economic Times. Before that, it had entered into an exclusive agreement with the online free SMS service provider 160by2.com to allow users to send free SMS to mobile subscribers in India, UAE, Kuwait, Saudi…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The Board said that Meta’s approach to moderating content using “shaheed” to refer to individuals designated as dangerous “substantially and disproportionately restricts free expression.”

News

Foreign fintech entities like Google Pay and PhonePe are dominating the UPI market and CCI has been urged to regulate this in the past.

News

During a recent discussion organized by the Council for Strategic and Defence Research, Berges Malu, the senior director of public policy and communications at...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ