The new company will focus on developing backend sourcing infrastructure for Pantaloon Retail‘s existing telecom retailing business, to enable it to expand and scale up. Additionally, it will also create a nationwide network of state-of-the-art after sales service centers for mobile handsets in the country.

Future Group Group CEO Kishore Biyani said, "The current explosion of the telecom retail market that we are seeing is breaking new barriers every day. There is no doubt that mobiles will soon be the single largest electronic products retailed in the country. Future Group, with the knowledge and expertise of Axiom Telecom‘s systems and process in this area, will be best positioned to retail and service the Indian telecom market."

The joint venture activities would be carried out by a separate company. This joint venture is a strategic business decision for the Future Group and reinforces its commitment to be a serious player in the telecom wholesale, retail and after sales service market in the country, adds the release.

Axiom Telecom LLC CEO Faisal Al Bannai said, "We see great business potential in India for distribution and servicing of telecom products, and are delighted to partner with Future Group, the largest retailer in the country. We believe that our expertise in distribution and after sales service operations, and Future Group‘s understanding of the Indian consumer and the marketplace, will create a win-win for us, as well as the Indian consumers."

Rabo India Finance Ltd. And Alpen Capital (ME) Limited, Dubai were joint financial advisors to the transaction.