Future Group announces JV with Axiom Telecom LLC

Future Group announces JV with Axiom Telecom LLC

Future Group today announced that it’s flagship company Pantaloon Retail (I) Ltd. has signed a 50:50 joint venture agreement with the UAE based, Axiom Telecom LLC, the largest and leading, authorized distributor, retailer and after sales support provider of mobile phones, phone accessories, wireless gadgets, memory & storage devices in the Middle East. The new company will focus on developing backend sourcing infrastructure for the Pantaloon Retail’s existing telecom retailing business, to enable it to expand and scale up, exponentially. Additionally, it will also create a nationwide network of state-of-the-art after sales service centers for mobile handsets in the country.

Said Mr. Kishore Biyani, Group CEO, Future Group, “The current explosion of the telecom retail market that we are seeing, is breaking new barriers every day. There is no doubt that mobiles will soon be the single largest electronic products retailed in the country. Future Group, with the knowledge and expertise of Axiom Telecom’s systems and process in this area, will be best positioned to retail and service the Indian telecom market.”

Said, Mr. Faisal Al Bannai, CEO, Axiom Telecom LLC, “We see great business potential in India for distribution & servicing of telecom products, and are delighted to partner with Future Group, the largest retailer in the country. We believe that our expertise in distribution and after sales service operations, and Future Group’s understanding of the Indian consumer and the marketplace, will create a win-win for us, as well as the Indian consumers.”

The joint venture activities would be carried out by a separate company. This Joint Venture is a strategic business decision for the Future Group and reinforces its commitment to be a serious player in the telecom wholesale, retail and after sales service market in the country. Rabo India Finance Ltd. and Alpen Capital (ME) Limited, Dubai were joint financial advisors to the transaction.