Alibaba to buy a fourth of Micromax’s stake to enter India’s fastest-growing smartphone market
Advertisement
The deal market is buzz with acquisitions and mergers. Of late, overseas investors have shown interest in acquiring stake in Indian companies. And now, domestic handset manufacturer Micromax is on the brink of striking a deal to sell a fourth of itself to Chinese eCommerce company Alibaba for Rs 4,200 crore.
Three persons aware of the development told ET, the deal involves the stake sale of 20-26% toAlibaba Group Holding, which provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals. Besides, it is likely to value Micromax at around $3.5 billion (Rs 21,000 crore) inclusive of debt, they added.
An announcement regarding this deal is expected to take place soon as the legal documentation is getting finalised. One of three people also mentioned that this deal may also see the participation of Japanese telecom firmSoftBank as it has a 32% stake in Alibaba.
If we believe this report by the leading financial daily, China’s largest e-tailer Alibaba and Japan’s SoftBank are being guided byCitigroup while Micromax is seeking advise from Goldman Sachs . However, Alibaba, SoftBank and Micromax haven’t yet responded to these market speculations. (Image: The Economic Times)
Advertisement
Advertisement
The deal, which would be the first such stake purchase in an Indian phone-making company by an overseas investor, would allow Alibaba to gain entry into one of the world's fastest-growing smartphone market, as per an Economic Times report.Three persons aware of the development told ET, the deal involves the stake sale of 20-26% to
An announcement regarding this deal is expected to take place soon as the legal documentation is getting finalised. One of three people also mentioned that this deal may also see the participation of Japanese telecom firm
If we believe this report by the leading financial daily, China’s largest e-tailer Alibaba and Japan’s SoftBank are being guided by
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market