Micromax CEO Reiterates That The Company Isn’t Up For Grabs

Micromax CEO Vineet Tanjea on Tuesday clarified that none of the company’s founders were looking to pull out and that the company wasn’t up for sale. The announcement follows reports suggesting that SoftBank is looking to invest as much as $1 billion in Micromax for a 20% stake, at a $5 billion valuation. He added that the company was only looking to make strategic partnerships, in order to help it grow.

Countering rumours that one of more of Micromax’s founders could be on the way out, company CEO Vineet Taneja on Tuesday reiterated that the company wasn’t up for grabs and no one was selling out.
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The announcement follows reports suggesting that SoftBank is looking to invest as much as $1 billion in Micromax for a 20% stake, at a $5 billion valuation.
According to IndianExpress, Taneja said that the company wasn’t up for sale, but was just looking to make strategic partnerships.
He spoke out at the launch of the Canvas Spark, a Rs 5,000 smartphone running Android 5.0 Lollipop.

“The insight is very clear: the sub-Rs 7000 smartphone category is growing at twice the rate as the portfolio over it and we are leaders in that segment,” said Taneja.

Further, he added that the company’s overseas operations were doing well, save for in Russia which is going through a massive economic crisis at the moment.

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