Mobile retail chain Global Access acquired by Spice Retail

Bangalore-based mobile retail chain, Global Access said today that its acquisition by Spice Retail, the multi brand mobile and technology retail chain, has been completed.

Although both companies have not divulged the financial terms of the transaction, sources close to the deal say that the offer represented a win-win scenario for both Spice Retail and Global Access.

The promoters of Global Access were keen to leverage the value generated by their outlets' ability to generate heavy customer footfalls and by exploiting the real estate values offered.

With Global Access having been a dominant regional player ever since its inception in 1998, the promoters felt that this was an appropriate time to exit the retail markets and focus on building a new brand in the mobile handset manufacturing space, under the btrand iCube Mobiles.

"The completion of this acquisition represents a significant landmark for us in our endeavour to create value accretion across different business verticals within the telecom industry," said Siraj Fulara, founder of Global Access.

"Going forward, we will continue to connect with India's booming telecom market by providing consumers with affordably stylish ''iCube'' mobile handsets through our distribution arm, Telelogix. We see huge potential for growth in the mobile handsets market in India, and with iCube boasting of several consumer-friendly and next generation features, we believe we are well placed to grow rapidly in the dual GSM mobile handset manufacturing market.'' said Mohsin Fulara, co- founder, Global Access.