Russia’s biggest cellular retailer, Euroset, intends to launch at least 5,500 stores of mobile phones in India in the following two years and is negotiating partnership with local firms. The analysts say the project is risky and that expansion procedures used by Euroset in Russia and CIS will probably prove not so effective in India.
Euroset intends to launch a chain of 5,500 stores in India, local The Economic Times reported. The project will be executed in partnership with Indian firms and Euroset is negotiating with Ansal API now, according to the newspaper.
Euroset President Eldar Razroev confirmed the company’s desire to approach the market of India. “We are considering legal details to enter that market,” Razroev said. “In India, nonresidents don't own more than 25 percent in the firm operating in the country. Creating conditions for our company to control the business requires solving a great number of legal issues,” Razroev specified.
Euroset manages 4,400 stores of mobile phones in Russia, Ukraine, Belarus, Moldova, Kazakhstan, Uzbekistan, Kyrgyzstan, Estonia and Lithuania. The 2005 turnover was $2.6 billion, but the amount stepped up to $3.1 billion by results of nine months of this year. The company is co-owned by Evgeny Chichvarkin and Timur Artemiev.