Pantaloon in 50:50 JV with Axiom

New Delhi, July 20 (UNI) Future Group's flagship company Pantaloon Retail (I) Ltd has signed a 50:50 joint venture agreement with the UAE-based Axiom Telecom LLC for developing the backend sourcing infrastructure for its telecom retailing business.

As per the agreement, the company will source and distribute mobile handsets, accessories and set up service centres and authorised after-sales service centres for mobile handsets in the country.

''The current explosion of the telecom retail market that we are seeing, is breaking new barriers every day. There is no doubt that mobiles will soon be the single largest electronic products retailed in the country,'' Future Group Group CEO Kishore Biyani said.

Future Group, with the knowledge and expertise of Axiom Telecom's systems and process in this area, will be best positioned to retail and service the Indian telecom market, he added.

Axiom Telecom is the leading, authorised distributor and retailer for international brands such as Nokia, Sony Ericsson, Motorola, Samsung, Thuraya and i-mate.

UNI