Rakesh Malhotra-promoted SAR Group has acquired 51 per cent stake in UK-based Fly Mobiles’ business in India and SAARC.
Prem Kumar will continue as managing director and Navneet Kapoor, co-founder SAR Group, would be the chairman of Fly Mobiles.
This acquisition would help the SAR Group make its foray into the SAARC region, including India.
Commenting on the acquisition, Malhotra said, ?The SAR Group has a sizeable commitment to this business vertical through its existing portfolio in Wynn Telecom. Wynncom has reached a run rate to take it to Rs 2.50 billion in 2012. With the acquisition of a majority stake in Fly mobiles, the SAR Group will add approximately a similar size to its telecom portfolio to emerge as one of the top five companies in the Indian handset market. This would be the starting point for the SAR group to consolidate and build in this industry.?
