Future Group, Axiom Telecom form $40mln JV to sell cellphones

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New Delhi, Oct 20 (UNI) Eyeing the country's Rs 50,000 crore mobile retail industry, Kishore Biyani's Future Group and Dubai-based mobile phone retailer Axiom Telecom today announced to sell mobile handsets and accessories in India through a 50:50 joint venture, set up with an initial investment of about 40 million dollars.

The JV-- Future Axiom Telecom Ltd-- will be a handset retail division distinct from the Future Group, and will operate in more than 500 stores and touch points in 58 cities under the brands 'Mobile Bazaar' and 'Mport'.

Future Axiom also plans to increase the number of outlets to 1,500 by next year-end, besides setting up service centres in the country.

The group will shortly reveal their new brand and store formats, a statement said here.

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