HCL Infosystems buys stake in Dubai firm
Dubai, January 2, 2011
India's HCL Infosystems is set to acquire a 20 per cent stake in Dubai-based Techmart Telecom Distribution, distributors for Nokia smartphones in the Middle East and Africa region, as part of its expansion plans.
A premier information enabling company, HCL Infosystems said it has signed the share purchase agreement for stake acquisition through its Singapore subsidiary, HCL Investment.
The agreement also provides an option for HCL to acquire up to 51 per cent equity stake in the Dubai firm, said a top official.
“We have taken another step in further expanding into emerging markets of Middle East and Africa. This move would strengthen our footprint in the MEA countries,” said HCL Infosystems CEO Harsh Chitale.
As part of the deal, HCL Infosystems will provide consultancy and operational services to Techmart, leveraging the company's expertise in the telecom distribution space.
MP Sharma, president of Techmart Telecom said the company was excited about its strategic association with HCL which brings over a decade of expertise in the field of distribution.
"We look forward to work closely with HCL Infosystems in growing the Nokia smartphones business in the region," he remarked.
Chris Braam, VP, sales Nokia MEA said,“HCL Infosystems is a key partner of Nokia globally and we look forward to work with them, in association with Techmart Telecom, in expanding our regional smartphone business.”-TradeArabia News Service