Il&FS Acquires 10% Stake In Mobile Store For $22 Mn
IL&FS Investment Managers has acquired 10% stake in The MobileStore for $22 Mn, valuing the mobile handset retailer at $220 Mn. MobileStore intends to use the funds for organic and inorganic growth.
These funds may be used to buy the promoters stake in Future Axiom Telecom Ltd.
MobileStore – An Essar Group Company – is one stop mobile solution shop that provides, multi brand handsets, accessories, connections, repairs, VAS etc all under one roof. It has more than 1300 outlets spread across 650 cities. It is managed by Rewant Ruia, son of Ravi Ruia.
Transaction Reference: LiveMint
MobileStore is looking to expand through acquisitions. Earlier this year, it bought XCite Retail – a consumer durables and IT goods and accessories retail chain from Alghanim Industries for an undisclosed sum.
It is also looking buy promoter’s stake in Future Axiom Telecom Ltd. It would buy the stake from Pantaloon Retail India Ltd. and Axiom Telecom LLC and merge it with The MobileStore.
The MobileStore, BK Modi’s HotSpot Retails Pvt. Ltd., Tata’s Infiniti Retail Ltd and Future Axiom are the major players in the organized handsets and accessories retail market in India.
HotSpot Retails Pvt Ltd acquired Global Access Retail Pvt. Ltd. for an undisclosed sum in Jan’10. It also bought Cellucom from RPG Group in Feb’09.
According to IDC, the value of the Indian mobile handset market is about Rs 30,000cr with most handsets being sold in the unorganized market.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 10/03/10 | The MobileStore - IL&FS | Private Equity | Tara India Fund III | 22.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 19/01/12 | M&A | Sudar Garments Limited | George Street London Brand | - | Completed |
| 18/01/12 | Private Equity | L Capital Asia Fund | FabIndia Overseas Private Limited | - | Planned |
| 19/12/11 | Private Equity | Flemingo Duty Free Shops Private Limited | - | Planned | |
| 09/12/11 | Private Equity | Looking For | Manappuram Jewellers Limited | 19.16 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Tara India Fund III | 225 | Healthcare Infrastructure IT/ITES/Technology Pharma Outsourcing |
http://www.ilfsinvestmentmanagers.com/active_TARA.aspx | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| The MobileStore Limited | Essar Group | Essar House,11 k.k Marg,Mahalaxmi, Mumbai-400034.Maharashtra. |
MobileNXT Teleservices Private Limited Sangeetha Mobiles Private Limited UniverCell Telecommunications India Private Limited Cellucom Retail India Private Limited Wavetel Mobiles India Private Limited Future Axiom Telecom Limited (ConvergeM Communication India Limited) |
www.themobilestore.com |
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