Haier, Reliance, Tata Reportedly to Form Mobile Phone Marketing JV in India
February 02, 2007
According to sina.com, Chinese Haier will join hands with India-based Reliance and Tata to form a mobile phone marketing joint venture, which has been approved by the FIPB (Foreign Investment Promotion Board) and the DoT (Department of Telecom) in India. Under the agreement, Haier will hold 51% of this new JV, with the remaining stake to be held equally by Reliance and Tata. This new company will help Haier to sell its CDMA (Code Division Multiple Access) and GSM (Global System for Mobile Communications) mobile phones.