India’s second biggest smartphone maker, Micromax, are looking to attack from South Korea, where they are gunning to buy up the country’s third largest phone maker (behind Samsung and LG), Pantech.
In the recent years, Pantech’s businesses had been chocked by the overwhelming presence of both Samsung and LG in South Korea, resulting the company now having a large deficit in the red.
Currently, creditors own 37 percent of Pantech, and this goes to show you how deep the Koreans are into debt.
“Micromax told Pantech that it was interested in a stake in the company”, a source at Micromax told journalists. However, Micromax issued a statement immediately to rebuff the allegation:
“Any matter such as partnership or acquisition is a subject matter of approvals by the Micromax board of directors and statutory rules and regulations. No such matter is currently under consideration of the Micromax Informatics board”.