Motorola’s search for a CEO to run its to-be-spun off mobile phone business may prove unnecessary: Indian conglomerate Videocon is interested in buying Moto’s (MOT) struggling mobile phone unit, the Business Standard reports:
“We have hired one of the world’s top three investment bankers who will convey our interest to buy out the mobile handset business of the US company,” Group Chairman Venugopal Dhoot told Business Standard.
“The Indian market for mobile phones is around 120 million units a year and we have our own retail chain stories that we can leverage. Also, we can transfer the manufacturing plant to India to leverage cheap labour in the country,” added Dhoot.
Dhoot’s record of global acquisitions has been mixed. It recently failed to acquire Daewoo Electronics, for which it bid $711 million. However, it has successfully bought Thomson SA’s television glass tube business and Electrolux’s Indian operations.
Thanks to PlasticValley for the tip.
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