Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Electronics giant Apple, the maker of iPhones and iPad, has decided to rope in global retail major Brightstar to sell its devices in India. Apple is looking to increase sales from 1 million units achieved in the fiscal year ending September 30, 2014, to as many as 7 million units by 2018.
The US-headquartered Brightstar, controlled by Japanese telecom and internet giant Softbank, distributes mobile phones and other devices to more than 200 carriers in over 50 countries and has revenues of around $11 billion. It had recently bought a 51% stake in (Bharti Enterprises chairman) Sunil Mittal’s Beetle Teletech.
“Brightstar will soon start distributing Apple devices in India and is expected to emerge as one of the most aggressive players in the market,” top industry sources told TOI.
The Cupertino-based Apple, which is the world’s most valuable electronics maker, currently operates in India through two main distributors Redington and Ingram, who in turn supply the products to regional distributors, multi-product trade channels and Apple Premium Re-seller stores and Apple Authorized Reseller outlets. Redington is one of the biggest partners for Apple in India and is believed to account for nearly 70% of its sales. Original post at ET Telecom