India’s 2nd largest Smartphone manufacturer Micromax Informatics Ltd has looked to buy the Pantech Co Ltd of South Korea. The Pantech Co Ltd is the 3rd largest Smartphone maker of the South Korea.
Micromax is looking to buy Pantech of South Korea
The Pantech of South Korea’s is the No.3 Smartphone maker, has been suffering six consecutive quarters of losses due to fierce competition. According to a report which said that the Indian Smartphone Brand Micromax Informatics Ltd has expressed its interest in buying a stake in South Korean p Pantech Co Ltd as part of its drive to expand its market in the overseas. The Micromax has told the Pantech that it was interested in a stake in the company,” according some of the sources.
The High-end Smartphone manufacturer Pantech has struggled from its giant rivals Samsung Electronics and LG Electronics Inc in South Korea, where nearly 70 percent of mobile users have a Smartphone because of which they have faced consecutive quarters of losses.
The Pantech has also sells its Smartphones and other electronic device in overseas market such markets as the United States and Japan. The Micromax of India’s has a price-sensitive market where basic handsets still dominate, with heavy advertising and phones based on Google Inc’s Android software starting at $50 – almost half the price of a comparable Samsung model.
The Micromax wants to grow their market and become a global Smartphone maker, for this they wants to buy the Pantech Co. of South Korea. Some days ago the Micromax has launched its high end device Micromax Canvas Knight in Russia.