Future Group joins hands with Axiom Telecom

New Delhi: Future Group has joined hands with Axiom Telecom, a mobile retail company from West Asia, to form a joint venture company called Future Axiom Telecom Ltd.

Mr Ashy Sehgal, CEO, Future Axiom Telecom Ltd said, “Future Axiom is all set to venture into the Rs 50,000-crore mobile retail industry and set new benchmarks. We are confident that the affiliation of Indian retail expertise and West Asia’s mobile retail skills will be extremely rewarding for our customers.”

The Future Group began trading in communication products in 2006 through its counters in Big Bazaar. While Future Group (Pantaloon Retail) was on the lookout for a partner with expertise in the retailing of communication products, Axiom Telecom was keen to enter the Indian market.

“Future Axiom will operate in more than 500 stores and touch points in 58 cities under the brand name of Mobile Bazaar and Mport. We will be revealing the new brand and store formats shortly. There are major expansion plans on the anvil; we plan to be a 1,500-outlet organisation by the end of December 2009,” Mr Sehgal added

The 50:50 joint venture involves an initial investment of about $40 million. It will retail, distribute mobile handsets and accessories and set up service centres in India. The joint venture currently operates through the retail and service factory and will add more channels in due course.

Mr Faisal Al Bannai, Founder, Axiom Telecom, said, “We recognised India as the land of opportunities and are delighted being partners with the well-known Future Group for operations in India.”