Alibaba To Invest Rs.7700 Crores In Micromax

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China’s e-commerce giant Alibaba Group Holding is in conversation with India’s leading phone maker Micromax Informatics to reportedly purchase around 20 percent stake in the company, helping the Chinese e-trade company grow in one of the world’s quickest developing markets for the gadgets.

Sources suggest that Alibaba will invest as much as $1.2 billion (approximately Rs. 7700 crores) in Micromax, with a sale statistic amounting to $6 billion (roughly Rs. Rs. 38,501 crores). India is the world’s third biggest cell phone market and is the quickest developing in the Asia Pacific locale in the second from last quarter of a year ago, as per sources.

Micromax and Alibaba started chats on the stake deal after dialogs with financial specialists drove by Japanese telecoms firm Softbank Corp slowed down over contrasts in valuations, the sources said.

“The Softbank talks are not officially over, but it’ll be hard to get back on track,”

“The talks are centered around using Micromax devices as a platform to get into a serious business of its own in India,”