Future Group has announced that Pantaloon Retail has signed a 50:50 joint venture agreement with the UAE-based Axiom Telecom. The new company will focus on developing backend sourcing infrastructure for the Pantaloon Retail’s existing telecom retailing business, to enable it to expand and scale up exponentially. Additionally, the company is also intended to create a nationwide network of state-of-the-art after-sales service centres for mobile handsets.
Kishore Biyani, Group CEO, Future Group, observed that the current explosion of the telecom retail market that is being noticed is breaking new barriers everyday. “There is no doubt that mobiles will soon be the single largest electronic products retailed in the country. 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.
Faisal Al Bannai, CEO, Axiom Telecom, noted that he saw great business potential in India for distribution and servicing of telecom products. “We believe that our expertise in distribution and after-sales service operations, and Future Group’s understanding of the Indian consumer and the marketplace, will create a win-win situation for us, as well as the Indian consumers,” he said.