Micromax cool on Pantech speculation — report

Micromax cool on Pantech speculation — report

15 APR 2014

Indian handset maker Micromax poured cold water on speculation that it is looking to acquire a stake in South Korean smartphone maker Pantech, according to The Economic Times.

A Micromax executive told the publication that the company had been approached by Pantech but was not “enthused” by the prospect of such a deal, with the matter not being considered by the company’s board.

Only Samsung heads Micromax in terms of smartphone shipments in India and an investment in Pantech could help with its ambitions to become a more significant force internationally.

According to analysts, Micromax could also benefit from Pantech’s high-end smartphone technology and manufacturing facilities.

In October 2013, Micromax unveiled its high-end smartphone, Canvas Turbo, with reports suggesting the device was part of the company’s plan to expand its international reach.

The company was identified as a potential “rising star” by research firm IDC last year, with the ability to grow its position in emerging markets.

Qualcomm and Samsung both have stakes in Pantech, which last year shifted focus to its domestic market after struggling to make a profit from its international strategy.

However, Samsung and LG are tough competitors in South Korea and Pantech was forced to turn to creditors in February for help in dealing with debts of more than $1 billion.

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Tim Ferguson

Tim joined Mobile World Live in August 2011 and works across all channels, with a particular focus on apps. He came to the GSMA with five years of tech journalism experience, having started his career as a reporter... More

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