Media reports had suggested that the firm would buy into South Korea’s Pantech
Home-grown smartphone maker Micromax has said that the company’s board is not considering any partnership or acquisition at the moment.
Media reports, on Monday, had suggested that Micromax Informatics had expressed interest in buying into Pantech, South Korea’s third largest smartphone maker.
Pantech, which is owned by Qualcomm, Samsung and nine creditor-banks, is currently struggling with mounting losses in the face of increased competition.
"Any matter such as partnership or acquisition is a subject matter of approvals by the Micromax board of directors and statutory rules and regulations. No such matter is currently under consideration of the Micromax Informatics board,” a company spokesperson said. ”
“As a company policy, we do not comment on market speculation,” the spokesperson added.
According to people with direct knowledge of the matter, however, Micromax is not keen on any deal at the moment, considering it has just launched its Russia operations.
“Micromax gets a number of proposals… that doesn’t mean that the company considers all of them seriously though,” said a source.
Presently, Micromax sells about 3 million handsets a month, of which a third is smartphones.
The Canvass range of devices contributes to about half the total smartphone sales for the company.