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Product
Parade
November
25, 2004
STC, HIT sign MoU
NEW
DELHI -- State Trading Corp. of India (STC), a government
of India undertaking under Ministry of Commerce, recently
signed a memorandum of understanding (MoU) with the
Hyundai India Telecom Ltd. (HIT).
Under
the MoU, STC will support a sum of Rs. 200 crores. HIT
will utilise this for import operations of hi-end technology
mobile handsets.
Vijay R. Singh, vice chairman and managing director,
HIT, said: "Our association with STC is significant.
We value this relationship and strongly believe this
will help give us an additional opportunity to announce
our arrival on Indian shores in a big way. We plan to
introduce the latest range of GSM, CDMA, PDA and smart
phone mobiles in the Indian market."
"Hyundai
mobiles is committed to be the global leader for hi-end
3G mobile handsets with cutting-edge technology in India,
and plans to setup countruwide distribution and service
network with PAN India distributors and service centers.
HIT is confident of achieving 5 percent of the market
share in the first year of its operations. We believe
that we will soon be amongst top four mobile handset
manufactures in the Indian mobile industry." he
added.
Aravind
Pandalai, chairman and managing director, STC, noted:
"We have immense confidence in the rapidly growing
business of mobile handsets in India. We acknowledge
the high level of competency of HIT's management team
in India. All of this and our in-depth analysis of the
business proposition for STC and HIT has been the driving
force for this MoU."
HIT
has planned to introduce 15 models of mobile handsets
in India, encompassing hi-end, cost-effective and value-for-money
range. It has also built a robust management and marketing
team to drive its initiatives forward in India. It has
planned a budget of 25 crores, for advertising toward
press, TV, events, brand Ambassadors and below the line
marketing. In addition we have roped in the best advertising
and media agencies with dedicated resources from each
of the agency to take care of its communications needs,
specifically for India.
Contact:
Hyundai India Telecom Ltd.
Tel: +91-44-2833-4771/72
anuj@hyundaimobilesindia.com
www.hyundaimobilesindia.com
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