*Sangeetha Mobiles Pvt Ltd* had acquired *Wavetel Mobiles India Pvt Ltd *for around Rs 13cr as a part of the company's "growth plans".
The 2 entities will not be merged and Wavetel Mobiles would continue to maintain its independent identity. Wavetel Mobiles India Pvt Ltd was formed in January 2010 for the purpose of the acquisition and the business of Wavetel was operating through another entity-details of which are not available. Wavetel is a chain of retail stores, founded by *John Yesudas *in 2002, that sells handsets and accessories of various brands like Nokia, Samsung, Blackberry, etc. The company has 21 showrooms in Tamil Nadu and is planning to increase it to 100 over the next 12 months. Wavetel Mobiles claims to have a market share of around 30% in Tamil Nadu. The retail brand would continue to focus only on Tamil Nadu. According to John Yesudas- who would be the CEO of the new entity, 90% of the company's sales comes from the corporate segment, predominantely form the IT industry. The company had reported a 30% drop in its turnover last year due to recession. In 2008-09, the company had a turnover of Rs100cr. Sangeetha Mobiles is also a retail store selling a mobiles of different brands. The company is based out of Bangalore. Sangeetha Mobiles has around 100 stores in Andhra Pradesh, Karnataka and Tamil Nadu. The acquisition could be to acquire a majority market share in Tamil Nadu where Wavetel Mobile has a dominance. Transaction Reference: Hindu <http://www.thehindu.com/2010/02/24/stories/2010022456881600.htm> -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
