Alibaba buys part of Indian phone maker Micromax
China’s largest e-commerce website, Alibaba, is looking to invest a total of about $1.6 billion in India’s largest local and second largest mobile phone brand (after Samsung), Micromax Mobiles.
While the deal is still at initial stages, finance experts believe it could put the value of Micromax at $6 billion once everything finalizes.
Micromax has been reportedly wooing investors in the recent weeks. Financiers like Softbank and “another company” were said to be directly contacted in the scheme, however, these investors could be backing off after the arrival of Alibaba.
In February 2015, Alibaba was said to have acquired a 25 per cent stake in One97 Communications, the parent of mobile commerce firm Paytm with $575 million.
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