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Indian Handset Vendor Seeking Investors
Published on:
Indian handset manufacturer, Karbonn Mobiles is making a second attempt to sell a minority stake in the company to private equity investors after a previous attempt failed to attract interest.
The company is looking to raise Rs1,000 crore (US$180 million) from a sale of 15-20% of the company, a senior executive told the Economic Times newspaper. Karbonn Mobiles is a joint venture between the Jaina and UTL Groups.
The company is said to have a market share of around 5 percent of the local mobile phone market and is looking to build a new handset factory in Chennai. Around 60% of the investment -- if secured -- will go to the factory, and the rest on buying an R&D facility in South Korea.
Completion of any transaction is expect to take until the end of this year.
On the web: Economic Times
Tags: [karbonn mobiles] [India]
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