alpen capital, dubai & rabo india advise on a joint venture between axiom telecom llc & future group
Alpen Capital (ME) Ltd and Rabo India Finance Ltd, the financial advisors of Axiom Telecom LLC & Pantaloon Retail (India) Limited, part of Future Group, announce today the 50:50 joint venture between their clients to carry out wholesale distribution and servicing of mobile phones and accessories in India.
The new joint venture company will focus on developing backend sourcing infrastructure which will also support Pantaloon Retail’s existing telecom retailing business, enabling 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 India.
“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.” said Mr. Faisal Al Bannai, CEO, Axiom Telecom LLC
“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. Kishore Biyani, Group CEO, Future Group
India, one of the world’s fastest growing mobile services market, adding more than 6 million subscribers each month, attracted Axiom Telecom to expand its operation and establish a presence in India. Alpen Capital, one of the leading investment banks in the Middle East region, along with Rabo India created the opportunity for Axiom Telecom LCC to collaborate with Pantaloon Retail (India), which was successfully concluded through a joint venture agreement.
“The economies in the Middle East have witnessed unprecedented growth in recent years resulting in surplus liquidity, which is seeking suitable investment opportunities. At the same time, India, over the last few years, has been showcasing one of the highest GDP growth rates in the world, attracting large investments from corporates and institutions from all across the world.” said Mr. Rohit Walia, CEO and Managing Director of Alpen Capital (ME) Ltd
“The Indian Market, due to its phenomenal growth rate, is a very attractive market for the companies in the Middle East who are looking to expand in India through Greenfield Projects, Joint Ventures or Acquisitions. We are excited and proud to have acted as joint financial advisors with Alpen Capital on this cross border transaction.” said Sanjiv Bhasin, CEO and Managing Director of Rabo India Finance.
Established in 1997 by Faisal Al Bannai, Axiom Telecom LLC today is 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. It employs over 1600 people across 450 outlets in UAE, Saudi Arabia, Bahrain, Oman, Kuwait, Egypt and UK. In 2005, Dubai Holding acquired a stake in Axiom Telecom LLC, which has developed and launched pioneering initiatives spanning numerous sectors including Technology, Communication, Energy, Health and Education, Real Estate, etc.
Pantaloon Retail (India) Limited, part of Future group – one of India’s leading business groups, operates over 5 million square feet through 400 stores in 40 cities. Some of its leading retail formats include, Pantaloons, Big Bazaar, Central, Food Bazaar, Home Town, EZone, Depot, Health & Beauty Malls and online retail format, futurebazaar.com.
