Gitanjali to pick 70% in MobileNXT

Industry: Telecom 2016-04-03

Gitanjanli Gems is to acquire 70 per cent stake in Bangalore-based mobile phone retail chain MobileNXT Teleservices through its wholly owned subsidiary Gitanjali Lifestyle Ltd. Gitanjali Lifestyle has entered into an investment-cum-shareholder’s agreement with MobileNXT for this purpose, the company informed the BSE. MobileNXT has 21 stores in Tier II and III towns in the country, mainly in the South. Now, the MobileNXT stores will be refashioned `Hoop’ stores selling personal fashion accessories – fashion jewellery, watches, eyewear, apart from mobile phones and accessories – at "affordable" prices, targeted at the youth. –

Source: The Hindu Businessline

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