MVL Ltd said it has decided to acquire majority stake in MVL Telecom Ltd. The initial investment shall be in the form of equity injection of Rs120 crore in MVL Telecom. This investment in the telecom sector will enable MVL to improve its profitability.
In the next phase, MVL will invest additional Rs125 crore through debt and equity route and this investment will be utilised to set up a manufacturing facility for mobile handsets and components. This manufacturing facility will have annual capacity of 20 million handsets, said the company in a filing to the Bombay Stock Exchange (BSE).
On Wednesday, MVL shares gained 5.9% to Rs95 on the BSE, while the benchmark Sensex ended 1.2% up at 18,257 points.
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