Russia's Euroset cell phone retailer closes Indian subsidiaries

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12:5613/10/2008

MOSCOW, October 13 (RIA Novosti) - Russia's largest mobile handset retailer, Euroset, the subject of a recent takeover, has closed its two subsidiaries in India, a spokeswoman for the company said on Monday.

Euroset, which has over 5,000 retail outlets in Russia and former Soviet republics, was bought by Russian billionaire Alexander Mamut's investment company ANN on September 21, reportedly after debt refinancing problems.

A source in the company said the two subsidiaries, formerly designed to operate in India under Ultra brand, which also belongs to Euroset, were closed on the decision of the new owner, who is, "not interested in investing in India".

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Russia's Euroset cell phone retailer closes Indian subsidiaries

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