MIH India, part of the multi-billion dollar South African media giant, Naspers has picked up a 30 per cent stake in mobile value added services company ACL Wireless for USD 12.3 million (Rs50 crore).
MIH in India, earlier this year soft launched ibibo.com, a growing social community web site with a suite of applications. Naspers, the parent, has interests in media and Internet businesses in South Africa, China, Brazil, Russia, Thailand and India.
ACL Wireless owns Frenzo, a mobile-based social networking platform and develops solutions in the field of mobile communities, instant messaging, carrier agnostic connectivity and content aggregation.
A press statement by MIH India says the investment is strategic and comes at a time when the mobile VAS sector in India, currently at million is expected to grow to USD 10 billion, or Rs 40,000 core, by 2010.
Ashish Kashyap, CEO, MIH India said that the stake acquisition is part of its India growth strategy. He emphasized. ”ACL Wireless has built strong products and services in the mobile VAS space and has strong alliances with mobile operators in India and across the globe.”
Sanjay Goyal, CEO, ACL Wireless added, ”The partnership will also drive joint initiatives in the development of consumer-based products and services for the mobile. The strategic investment and partnership will also give ACL Wireless an opportunity to access MIH’s global footprint.” |
