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Alibaba Reportedly in Talks to Buy $1.2 billion stake in India Smartphone Maker Micromax

Alibaba Reportedly in Talks to Buy $1.2 billion stake in India Smartphone Maker Micromax: Here is a latest news for you about the Chinese e-commerce giant Alibaba is in talks to buy $1.2 billion stake in India Smartphone maker Micromax. Several business outlets report Alibaba is holding talks with Micromax to buy a 20 percent stake. Micromax is India’s second-largest smartphone brand. India is the world’s third largest smartphone market and was the fastest growing in the Asia Pacific region in the third quarter of last year, according to industry research firm International Data Corporation. Micromax and Alibaba began talks on the stake sale after discussions with investors led by Japanese telecoms firm Softbank Corp (9984.T) stalled over differences in valuations, the sources said.

Alibaba Reportedly in Talks to Buy $1.2 billion stake in India Smartphone Maker Micromax

Alibaba in Talks to buy $1.2 billion Stake in Micromax

The sources claim that Alibaba wants to invest in Micromax to have more access to Internet users in India. This helping the Chinese e-commerce giant Alibaba expand its business in one of the world’s fastest growing markets for the devices. Alibaba could perhaps use this investment to roll out its own services to Micromax devices, such as Alipay, the company’s online payment platform.

 

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