Wednesday, September 30, 2009
Kyocera Wireless Sells Indian Operations
San Diego-based Kyocera Wireless has sold its Indian subsidiary, Kyocera Wireless (India) Pvt. Ltd., to IT firm MindTree Ltd., MindTree said Tuesday. The deal is worth $6M in upfront payments, plus payments linked to revenue in 2010/2011, and 2011/2012. MindTree said it expects an increase of approximately $9M in revenues between October 2009 to March 2010 related to the deal. According to MindTree, Kyocera Wireless (India) Pvt. Ltd. employs approximately 600, who provide wireless product development, software engineering, and product testing for Kyocera Wireless, and also develops custom handsets for Indian service providers. MindTree said the firm, which is based in Bangalore, will continue to provide engineering services to Kyocera Wireless. Kyocera Wireless explained the move would improve its cost structure and competitiveness.