Reliance Communication, Sistema in talks to merge telecom biz in India
“Reliance Communications (RCOM) and AFK Sistema have entered into exclusive discussions on a potential merger between the Indian telecom business of Sistema Shyam TeleServices Ltd (SSTL) and RCOM through a stock swap,” the company said in a statement.
The discussions, it said, are “indicative and non-binding in <g data-gr-id="33">nature,</g> and remain subject to due diligence, definitive documentation and approvals, as may be necessary.”
Also, there is no certainty that any transaction will result, the statement added.
Meanwhile, adding muscle to its mobile commerce business, e-retailer Snapdeal on Monday announced <g data-gr-id="32">acquisition</g> of mobility solution company <g data-gr-id="35">Letsgomo</g> Labs for an undisclosed sum.
“Over 75 <g data-gr-id="39">per cent</g> of our sales now come through mobile platforms, and the <g data-gr-id="38">Letsgomo</g> team becoming part of our family will further propel our efforts in this direction,” Snapdeal co-founder Rohit Bansal said in a statement.
<g data-gr-id="30">Letsgomo</g> Labs develops applications and provides solutions around mobile experiences, strategy and <g data-gr-id="31">websites</g> for companies in Silicon Valley, Europe and India.
<g data-gr-id="36">Letsgomo</g> Labs has a 76-member team. “We strongly believe that new-age technology innovations will happen here. Mobile will continue to drive e-commerce. We look forward to building world-class mobile technology at Snapdeal,” <g data-gr-id="37">Letsgomo</g> Co-Founder Manav Kamboj said.
With the acquisition of Freecharge in April 2015, Snapdeal has become the largest <g data-gr-id="29">m-commerce</g> company in the country, the statement said.
About three weeks ago, Snapdeal acquired <g data-gr-id="41">Martmobi</g> that enables seamless connectivity with customers’ existing back-end systems, in addition to a real-time analytics engine to improve conversions and user engagement.
“Mobile is one of our key focus areas, and in a span of just two years, the medium has proved to be one of the biggest growth drivers for the company,” Bansal said.