According to Chinese media sources, Alibaba Group may soon purchase a 25% stake in India’s phone making company Micromax for $700 million.
According to Gartner, Micromax has secured 10th position on the list of world’s largest smartphone makers. Including debt, its market value is about $3.5 billion.
With this deal Ma’s company would gain between 20% and 26% stake in Micromax, reports ChinaTechNews.
The Chinese eCommerce company already has its own mobile phone operating system, which it uses to promote its business. If this deal is sealed, Alibaba can pre-install its operating system on Micromax phones, thereby paving its way into the Indian market.Category Business