Hyundai Mobile signs MoU with State Trading Corporation

Hyundai Mobile signs MoU with State Trading Corporation

Author | exchange4media News Service | Wednesday, Nov 24,2004 8:10 AM

Hyundai Mobile signs MoU with State Trading Corporation

Hyundai India Telecom Limited (HITL), a public limited company that has been granted the sole license of marketing and distribution rights for Hyundai mobile phones in India, signed a memorandum of understanding with the State Trading Corporation of India, in New Delhi today.

As per the MoU, the State Trading Corporation (STC) will support a sum of Rs 200 crore which will be utilised by the HITL for its import operations of technologically high-end mobile handsets. According to Vijay R Singh, Vice Chairman and Managing Director, HITL, “Hyundai Mobiles is committed to lead the world market in high-end 3G mobile handsets. We will now bring this cutting-edge technology to India as well. Through an extensive distribution and service network across the country with pan-India distributors and service centres, we’re confident to achieve five per cent marketshare in the very first year of our operations.” Aravind Pandalai, Chairman and Managing Director, STC, who was also present on the occasion, observed that the mobile segment was an important driver of the Indian economy and consequently STC had decided to venture in this segment. While HITL and STC would handle the importing operations together, their respective shares in revenue haven’t been divulged as of now.

The handsets, which would be available in the market from February 2005, are priced between Rs 3,900 at the lower end and going to Rs 1,00,000 in the premium range. A total of 20 models represent the entire gamut of Hyundai mobile portfolio, including GSM, CDMA, Smart Phones and PDAs. “We have customised our handsets as per Indian needs and will offer our customers excellent value for money,” claimed Singh.

HITL has earmarked an amount of Rs 25 crore for its marketing expenditure in the first year itself. While the creative would be handled by Contract (Mumbai), Euro RSCG (Mumbai) has been entrusted with the media duties.

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