Micromax, India's second largest smartphone seller has been phenomenally expanding in the global market. However, the company has not been able to beat Samsung in the home ground. The company has already started operating in the Russian market and now the latest report from Reuters suggest that the India-based smartphone maker is now looking to buy a potential amount of share from the struggling South Korean smartphone maker Pantech.
The exuberant move will surely make the domestic smartphone maker a bit more potential player in the international market. However, with regards to the details about the share, the deal is still not vivid as of now. The companies have not spoken about it formally as well.
Pantech, which comes from the South Korea, has already released a number of smartphones but unfortunately it has been unable to compete with its domestic rivals Samsung and LG.
According to the Reuters, nine creditor banks own a combined 37% of Pantech, while Qualcomm has a 12% stake and Samsung Electronics Co Ltd holds 10%. Thus it is evident that Micromax isn't the only company interested in Pantech.
But it would have made a better sense if Micromax was looking for complete buyout instead of eying at a share in the company. Micromax could have possible used Pantech's R&D resources for its future smartphones, if it was a total buyout. Things are pretty vague and unclear at the moment, but more information regarding the deal is likely to appear soon.