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MIH India picks up 30% in ACL Wireless

MIH India picks up 30% in ACL Wireless
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First Published: Tue, Jul 10 2007. 06 07 PM IST
Updated: Tue, Jul 10 2007. 06 07 PM IST
New Delhi: MIH India, part of the multi-million dollar media conglomerate, Naspers, said on 10 July that it has picked up a 30% stake in mobile value added services company ACL Wireless for $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 $500 million is expected to grow to $10 billion, or Rs40,000 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.”
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First Published: Tue, Jul 10 2007. 06 07 PM IST