Financial Daily from THE HINDU group of publications
Wednesday, Nov 24, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 24, 2004 |
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Info-Tech
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Telecommunications Marketing - New Products & Services Hyundai Mobile partners STC — Handsets launched; manufacturing unit on cards Our Bureau
Mr Vijay R. Singh (left), Vice-Chairman & Managing Director, Hyundai India Telecom Ltd, with Mr Aravind Pandalai, Chairman & Managing Director, STC, at the launch of Hyundai mobile phones at a press conference in the Capital on Tuesday. — Kamal Narang
New Delhi , Nov. 23 HYUNDAI Mobile, a unit of South Korean conglomerate Hyundai Corp, has entered into a strategic partnership with State Trading Corporation for selling mobile phones in India. A memorandum of understanding was signed between the two companies under which the PSU will provide an import funding assistance of Rs 200 crore for the first year. The amount will be utilised by Hyundai India Telecom Limited (HIT Ltd) for its import operations. Mr Vijay R Singh, Vice Chairman & Managing Director, Hyundai India Telecom Limited said, "We value our relationship with STC and believe this will help give us the additional opportunity to announce our arrival on Indian shores in a big way. We plan to introduce the latest range of technologically advanced GSM, CDMA, PDA & Smart Phone mobiles in the Indian market." Hyundai is also looking at setting up a handset manufacturing unit in the country. Hyundai has set a target of achieving 5 per cent of the market share in the very first year of its operations. The company will introduce 15 models of mobile handsets at price points ranging from Rs 3,900 to Rs 1 lakh. It has set aside Rs 25 crore, for advertising and marketing activities. Mr Aravind Pandalai, Chairman & Managing Director, State Trading Corporation of India, expressed "immense confidence in the rapidly growing business of mobile handsets in India". Hyundai Mobile aims is aiming to be one among the top three mobile manufacturing companies in the world.
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