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…
Gulveen Aulakh/ET Bureau
Philips will launch a range of smartphones and feature phones, as the Dutch consumer electronics maker re-enters the extremely competitive and crowded Indian smartphone market which is one of the fastest growing in the world. A company spokesperson said that Philips brand of feature phones and smartphones will be launched on May 28 in New Delhi by Sang Fei Consumer Communications Co.
Sang Fei, a joint venture between Royal Dutch Philips Electronics and Shenzhen SED Industry Co, will introduce the devices in India, almost seven years after China Electronics Corporation (CEC), the parent group of Sang Fei, acquired the global mobile phone business of Philips in February 2007.
As per the company’s website, Sang Fei has developed a new series of Philips mobile phones which are sold in both domestic and overseas market. Sang Fei’s head of SAARC operations SS Bassi, who has worked with Lenovo India and Reliance Communications in the past, will oversee the India business, the website showed. Original post at The Economic Times