Karbonn plans to buy South Korean cellphone design Firm

One of the cheap smartphone makers, who have greatly benefited from the fast catching smartphone culture in India, the Homegrown handset maker Karbonn, is going to buy a South Korean cellphone design house, for about $40 million in an all-cash deal.

The buy will help the company, in its efforts to market low-cost 3G phones in Latin America, Africa and South Asia. The deal will be financed with a portion of the $250 million that Karbonn expects to garner from PE firms over the next three months. --------

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