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A change of <keyword id="6386905" type="POSITION" weightage="20" keywordseo="guard">guard</keyword> in mobile maker, <keyword id="71696" type="COMPANY" weightage="20" keywordseo="Micromax">Micromax</keyword>’s management team has pushed up some notable changes. It’s soon climbing up at no. 2 position in terms of sales and becoming India’s largest home-grown manufacturer of mobile phones, Micromax is keen on selling a 25% stake to a consortium led by Ant <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">Financial Services</keyword> Group, China's leading online financial services company that owns Alipay. As per a news report by The Economic Times, Micromax has been valued at around $4-5 billion (approximatelyRs 24,000-30,000 crore). 
 The ET report states, Alipay, China's top online payment solution company and part of the <keyword id="163405" type="CITY" weightage="20" keywordseo="Alibaba-Group">Alibaba Group</keyword>, is bringing in two to three partners. The proposed deal would see both infusion of capital and exits, partial or total, by existing investors, said the people quoted earlier. An exit will give existing investors significant returns on their investments, sources known to the ET has confirmed. 
 
TA Associates, for instance, currently owns 15% in Micromax, for which it paid around Rs 225 crore five years ago when the company was valued at around Rs 1,500 crore. 
 However, bringing the deal to fruition would partly depend on resolving differences that are said to have cropped up between the company's promoters and its <keyword id="6364480" type="POSITION" weightage="20" keywordseo="Chairman">chairman</keyword> Sanjay Kapoor, a former <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> of Bharti Airtel's Indian business, over the company's future direction. The four founder promoters — Rahul Sharma, Rajesh Agarwal, Sumeet Kumar and Vikas Jain — own a little less than 80% of the company. 
 
A person having knowledge of the deal confirmed that the "new guard", mainly Kapoor, feels that Micromax should focus mainly on online sales, but the promoters differ, noting that 70% of its revenue still comes from offline, or traditional retail channels. "There are also disagreements over the positioning of the phones and technology adoption. Kapoor believes Micromax should increase its average selling price while promoters feel there is still immense potential in the mass market," one of the people aware of the fact told the financial daily. Despite the differences the deal with Ant Financial Services is on track, said the people cited above. 
 
While Alipay and Micromax have declined to comment, the latter, in an emailed statement on behalf of the company, its promoters and the chairman, added that Kapoor continues to be its chairman and an integral part of the company. 
 One of the people aware of the development has said, to compete with market leader <keyword id="10591" type="CITY" weightage="20" keywordseo="Samsung">Samsung</keyword> and China’s fast growing Xiaomi, the Indian phone makers need something in unique like Alipay to survive the cut-throat competition. 
 
(Image: Reuters)

Micromax is striking a rather lucrative friendship with China’s Alipay. Know how

Hyderabad, May 12 () T-Works, a Telangana governmentstart-up incubator for hardware industry, on Tuesday enteredinto an agreement with Bhagwati Products Ltd, part ofMicromax group, for manufacturing mechanical ventilator beingdeveloped for Covid-19 patients.As part of the MoU, Micromax would be taking upproduction of the device at its manufacturing facility in E-City, Maheswaram in Ranga Reddy District, an official releasesaid.The ventilator was successfully demonstrated to doctorsfrom NIMS (Nizam Institute of Medical Sciences) and toTelangana IT Minister KT Rama Rao on April 20. The affordable mechanical ventilator was developed incollaboration with hardware start-ups and corporates from thecity, including Qualcomm, Honeywell, Spectrochem Instruments,Entesla, Althion, Trishula and ConserVision, it said. The team is currently focused on incorporating theadvanced features that are useful for medical professionals. "We are happy to have Micromax on board with us for thedevelopment of the emergency use ventilator.With their manufacturing expertise and advance onlicensing fee, we will be able to deliver the best-in-classventilator for COVID-19 in a short time frame," CEO of T-Works, Sujai Karampuri said."We are excited to partner with the Telangana State inproviding low cost Ventilators in these times of crises,"Co-founder of Micromax and chairman of Bhagwati ProductsLimited, Rajesh Agarwal said.The device will now go through testing and certificationfollowed by clinical validation.It is anticipated to be used to fulfill the demand duringemergency pandemic situations, the release added. GDKROH ROH

T-Works ties up with Micromax for making mechanical ventilators for COVID-19 patients

<a href="http://www.businessinsider.in/searchresult.cms?query=micromax&amp;sortorder=effectivedate">Micromax</a> is venturing into the white goods segment and plans to become a <a href="http://www.businessinsider.in/searchresult.cms?query=consumer+electronics&amp;sortorder=effectivedate">consumer electronics</a> company in the next two years. 
 
As India’s second-largest handset maker is foraying into the air-conditioner, refrigerator and washing machine segment, it wants to disrupt the space with pricing. 
 Also, <keyword id="71696" type="COMPANY" weightage="20" keywordseo="Micromax">Micromax</keyword> expects the consumer electronics business will contribute around 25% to its revenues by next year and help it in achieving a target of being a Rs 15,000-crore company. 
 
"We will remain an MNC challenger. We are a proven player fighting MNC smartphone brands for the past eight years with innovation and technology, and will continue with the same strategy for white goods. Pricing will be the icing on the cake, but not the cake itself. We will be a disruptor in consumer electronics space with product offerings and technology," Micromax Informatics cofounder Rajesh Agarwal told ET. 
 
Micromax may face a stiff competition in the segment as other brands such as Whirlpool, <a href="http://www.businessinsider.in/searchresult.cms?query=samsung&amp;sortorder=effectivedate">Samsung</a>, Voltas, <a href="http://www.businessinsider.in/searchresult.cms?query=panasonic&amp;sortorder=effectivedate">Panasonic</a>, Videocon and Godrej are also eyeing a big share in the market, which is led by <a href="http://www.businessinsider.in/searchresult.cms?query=LG&amp;sortorder=effectivedate">LG</a>. 
 
"The market potential is huge since out of 100 homes which own a television, only five have an airconditioner. Next year, we will take it pan-India across both online and offline stores and expand the portfolio," he told ET. 
 
Micromax is placing its bet on television, air-conditioner, refrigerators and washing machines. 
 
"We were the first Indian brand to think of manufacturing four years back. We are in talks with various state governments who are offering us incentives to set up a plant for white goods," said Agarwal.

Micromax is going to disrupt consumer electronics space, wants to MNC challenger

If there’s one person who took Modi’s ‘<a href="http://www.businessinsider.in/searchresult.cms?query=Make+in+India">Make in India’</a> plans with great enthusiasm, its certainly Chandrababu Naidu. 
 
After it got separated from Telengana, people thought Andhra Pradesh is lost in the doom. But Naidu, the chief minister of the state has surely included some magic in his state. Having shone in the high beam of technical progress during India’s boom in IT, <a href="http://www.businessinsider.in/searchresult.cms?query=andhra+pradesh">Andhra Pradesh is now emerging</a> as India’s hottest mobile manufacturing hub in the country. 
 
India's top home-bred mobile handset makers Micromax, Karbonn and Celkon have agreed to invest a total of Rs 750 crore in setting up manufacturing facilities at the hardware hub being developed by the state government near temple town Tirupati. 
 
These 3 companies have signed agreements with the state government recently to set up their units at the industrial park coming up near Renigunta airport on the outskirts of Tirupati. 
Earlier, Taiwan-headquartered <a href="http://www.businessinsider.in/searchresult.cms?query=foxconn">Foxconn</a>, the world's largest contract mobile handset maker, decided to set up a manufacturing plant in the state. The state government is in talks with more mobile handset and component makers, including <a href="http://www.businessinsider.in/searchresult.cms?query=Lava">Lava</a> and Intex, and is looking at creating an ecosystem, said Karthikeya Misra, industries' director of Andhra Pradesh. 
 
"We have formulated one of the most attractive industrial policies with special incentives pertaining to VAT (value-added tax) exemption to attract electronic hardware and components manufacturers," Misra told The Economic Times. 
 
 
Misra said the state government was looking at facilitating mobile handset makers to produce largest number of units from Andhra Pradesh, at least 7 million handsets a month from Foxconn's facility at Sri City and the three mobile manufacturers at Tirupati cluster by end of 2016. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Micromax">Micromax</a>'s co-founder Rajesh Agarwal said the proposed unit at Tirupati will be its third manufacturing facility in India after Uttarakhand and the one coming up on the outskirts of Hyderabad. The company is looking to produce handsets, tablets, LED TVs and computer monitors from the Tirupati facility. 
 
Chandrababu Naidu told the press, the long-term target was to attract at least 30 mobile and electronic gadget manufacturers to southern Andhra region for creating a large electronics hardware ecosystem. The country's import cost of electronic gadgets was surpassing the oil import bill and encouraging local manufacturing will help the country save huge foreign exchange, he said. 
 
(Image: Reuters)

Andhra Pradesh is soon becoming the hottest mobile manufacturing hub

Not all’s well at <a href="http://www.businessinsider.in/searchresult.cms?query=micromax">Micromax</a>. Insiders at company suggest that the chairman of Micromax <a href="http://www.businessinsider.in/searchresult.cms?query=Sanjay+Kapoor+">Sanjay Kapoor</a> has put in his papers. Kapoor, who had joined the company just more than a year ago, resigned because of his growing differences with promoters. 
 
 While the Indian born handset maker didn't elaborate on the reasons of Kapoor’s resignation, the company in an email to The Economic Times has said, "Appropriate announcements will be made in due course. We would like to thank him for his contribution and wish him luck for all his future endeavours." 
 
 Discussions are underway regarding the financial terms of his exit, one of the sources revealed. When <a href="http://www.businessinsider.in/Sanjay-Kapoor-Becomes-the-Chairman-Of-Micromax-India/articleshow/36110042.cms">he joined in June 2014</a>, Kapoor had been entrusted for making Micromax a global brand, helping it raise money and boost its software capabilities. His primary tasks included focussing on new products and grow on areas such as data, access, storage, analytics, applications and content, apart from devices. 
 
 "Differences regarding these and more have been rising over a period of time. But now they have reached a point that they can't be reconciled," sources disclosed to the financial daily. 
 
Kapoor, a former <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Airtel+">Bharti Airtel</a> chief executive for India and South Asia, is also a director at PVR and Bennett, Coleman &amp; Company Ltd. 
 
 
 At the time Kapoor joined, Micromax also hired Samsung India mobile head Vineet Taneja and another Bharti Airtel veteran Badal Bagri to power growth and build a bigger brand before an initial public offering (IPO). Taneja and Bagri remain firmly entrenched in the company, the people said. 
 
 The IPO plan included bringing in strategic investors to fuel Micromax's next phase of growth. That involved likely funding from a consortium led by Ant Financial Services Group, China's leading online financial services company that owns <a href="http://www.businessinsider.in/searchresult.cms?query=Alipay">Alipay</a>. This is also said to be going slow, because of the outgoing chairman and the promoters not being on the same page and also due to differing valuation expectations. The four founder promoters - Rahul Sharma, Rajesh Agarwal, Sumeet Kumar and Vikas Jain - own a little less than 80% of the company. Micromax had announced plans two years ago to enter Russia by the end of 2013 and other European countries subsequently. It has a negligible presence in Russia and hasn't gone further afield, although it has ventured into parts of South Asia. 
 
 
Its efforts to invest in app makers with the aim of becoming a services company rather than just a mobile phone vendor and its launch of youth brand Yureka have been helmed by cofounder Sharma. Micromax is also a licensee for the emerging Cyanogen mobile operating system. 
 
 
 Being on top after a tough fight, Micromax has dropped to second position in terms of market share, which is 17%, as per an IDC data.

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