S Mobility plans to hive off handset unit as separate entity
Added On:7/5/2012 11:48:00 AM
Mobile phone maker S Mobility which is a part of the $2-billion Spice Group is reportedly planning to hive off its handset making division into a separate subsidiary, which will handle the mobile device business of the company.
According to latest chunk of information, TM Ramakrishnan, who was earlier serving the company as National Sales Head of S Mobility, will now work as the new Chief Executive Officer of the subsidiary S Mobile Devices.
After this latest initiative, S Mobile Devices will be company’s third subsidiary, which is simultaneously planning to list its other two subsidiaries - Spice Digital and Spice Retail. It is reportedly said that these three entities will have separate management boards that will function independently but will be overseen by the parent company headed by Spice Group’s Chairman BK Modi.
According to Dr Modi, he is talking to several investors, including Android to propagate usage of Wi-Fi. The latest subsidiary is also looking to collaborate with service providers to launch co-branded retail stores.
As part of company’s ongoing restructuring exercise, the group is also deputing a common independent Chairman for the three entities.
As a matter of concern, it is found; presently S Mobility has a customer base of over 15 million and an annual volume of over 6 million devices, which the company is planning to increase over the next few quarters.
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