Published On: Mon, Apr 14th, 2014

Micromax planning to buy a stake in Pantech

Micromax

Micromax has literally been on a roll in India. It has beaten bigwigs reading in the league as Nokia, HTC and Sony to become the number two smartphone maker in the country. It also has shown global ambitions by launching its product line in Russia. Now, as stated by a report, Micromax from its barrio is gunning for a stake in South Korean smartphone maker, Pantech.

pantech

Pantech is South Korea’s number 3 smartphone maker, but it is going through some troubled times. It’s under a debt restructuring programme after suffering losses for 6 consecutive quarters.

While nine creditor banks own a stake of 37 percent in the company, top draw ARM chipset maker Qualcomm owns a 12 percent stake and Samsung, Micromax’s chief rival in India owns a 10 percent stake in the company.

Multiple sources as per the report have stated that Micromax wants to have a stake in the South Korean company.

Micromax’s success has been broadly acknowledged. Google’s VP and head of Android and Chrome, Sundar Pichai has recognised the company as a big driver for Android in developing countries like India. Furthermore, a couple of weeks back, Microsoft’s Joe Belfiore welcomed Micromax, to the Windows Phone family at its BUILD developer conference showcasing a Windows Phone based device that the company is developing.

About the Author

Jawed Akhtar

- A Journalist by interest and a Music Enthusiast by passion. Wedded to Mother Nature, Jawed indulges his aesthetics in travelling and reading books of varied genres. Having covered News stories for top Dailies in his formative years, that is, he is game for tryst with Technology at Techmagnifier.

Micromax planning to buy a stake in Pantech