MVL Ltd to acquire majority stake in MVL Telecom for Rs245 crore
19 Aug 2010
Property developer MVL Ltd today said that that it would acquire a majority stake in MVL Telecom Ltd for Rs245 crore.
Gurgaon-based MVL Ltd said in a filing with the Bombay Stock Exchange that its board of directors at its meeting held yesterday decided to acquire majority stake in a telecom company namely MVL Telecom Ltd and make it a subsidiary of MVL Ltd.
The initial investment will be in the form of equity injection of Rs120 crore in MVL Telecom and in the next phase, invest an additional Rs125 crore through debt and equity.
The second phase investment will be used to set up a manufacturing facility for mobile handsets and components that will have annual capacity of 20 million handsets as well as enable MVL to improve its profitability, the filing added.
MVL Telecom Limited is a part of MVL Group of Companies, established to leverage its legacy of introducing technologically advanced products at smart price points and liaison with channel partners on pan-India basis as well as international and domestic vendors over past 25 years.
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