New Delhi, April 27, 2009
Mint Financial Chronicle The Economic Times
The government is learnt to have sought certain clarification from HCL Infocomm, an arm of IT firm HCL Infosystems Ltd, on its proposal for a joint venture with Finnish mobile phone maker Nokia Oyj. to sell handsets and accessories.
Sources associated with the process said the Foreign Investment Promotion Board (FIPB), which clears all major foreign investment proposals in India, has sought shareholding pattern of HCL Infocomm, which the company has provided. The matter came up for discussion on 20 April at FIPB sitting but was deferred.
Nokia will hold a 51% stake in the venture while HCL Infocomm would have the rest. When approved, this will be the first singlebrand retail JV in the mobile handset space in India. The venture will set up flagship Nokia handset stores and virtual Nokia Music stores. It will also sell Nokia’s luxury Vertu handsets and consumer services under Ovi brand.
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