As part of the partnership, both the companies came together to form Future Axiom Telecom Ltd, which will open over 500 stores and touch points in 58 cities in the country under the brand name Mobile Bazaar and Mport respectively, said an official press release.
Announcing the venture, Ashy Sehgal, CEO, Future Axiom Telecom Ltd, said, “Future Axiom is all set to venture in the Rs 500 billion mobile retail industry. We will operate in more that 500 stores and touch points in 58 cities in the country and will be revealing the new brand and store format shortly. We plan to open 1,500 hundred stores by the end of December 2009.”
Elaborating Axioms scope in the Indian market, Faisal Al Bannai, founder, Axiom Telecom, said, “We recognised India as the land of opportunities and are delighted to become a partner with the Future Group for operations in India. This partnership will help our expertise in the mobile retail space grow and set new benchmarks with Future Group’s reach and understanding of the Indian consumer.”
With an initial investment of about USD 40 million, the 50:50 JV will retail and distribute mobile handsets and accessories and set up service centres in India, said the release.