The MoU was signed by Hari Om Rai, Chairman and Managing Director, Lava and Asser Salama, Chairman, Easy Group at the joint Business Council of India and Egyptian Federation of Chamber of Commerce in New Delhi.
Lava, in this strategic move, will leverage Easy Group’s market leadership position in distribution and reach - to make its products available across the country including feature phones, smartphones, tablets and accessories, a company statement claimed.
To begin with, the partnership will create 2000 direct and 5000 indirect employment opportunities in the next 6 months and over 10,000 employment opportunities in the next 5 years. This partnership also aims at developing entrepreneurship opportunities through the joint venture’s unique distribution and service model.
Additionally, the collaboration between the two companies is expected to pave the way for increased export and manufacturing opportunities in Egypt.
Commenting on the joint venture, Hari Om Rai, Chairman and Managing Director, Lava said: “At Lava, our vision is to empower people to do more and be more – not only in India but also across nations. Our foray in Egypt is a step forward in that direction and we are very delighted to partner with Easy Group who shares our vision and values. The partnership is also a testimony to our focus on ‘Make in India’ initiative – In India for India and the World."
Commenting on the joint venture, Vikram Singh Parmar, CEO – Africa Operations, Lava said, “We are extremely delighted to announce our collaboration with Easy Group. Egypt is among top three mobile handset markets of Africa and presents massive growth opportunities. We believe that our diversified range of reliable products, and experience in catering to a developing market such as India will definitely help us in empowering consumers in Egypt. We are the leading mobile handset company in India, Thailand, Nepal, Bangladesh and we have no doubt that we will enjoy similar market position in Egypt with the support from Easy Group.”
The joint venture will set up its complete end to end business operations in Egypt and will be headquartered in Cairo, Egypt.
The MoU will enable the company to start exporting its products from India to Egypt, while Easy Group will provide necessary support to promote and distribute products in the country.
As part of the way forward plan, Lava will also explore opportunities to set manufacturing facilities and assembly units in Egypt which will also help the company in exporting products to the North African region.
Delighted on the partnership, Asser Salama, Chairman, Easy Group said, “We are pleased to partner with Lava and look forward to an exciting journey ahead with a new and strong partner in Asia. The MoU is aimed at enhancing productivity, reducing costs and accelerating mobile phone adoption in the market by delivering new and better products to Egyptian citizens.”