Gitanjali group, a $900-million company with interests in jewellery manufacturing and retail, is reported in talks to acquire a major stake in the Bangalore-based mobile retail chain, MobileNXT.
 
Confirming the talks, Vijay Menon, Founder Director, MobileNXT, said they have received a proposal from Gitanjali to invest in MobileNXT, but apart from that the company was also in discussion to a few others firms.
 
He believes that it would be premature to comment on anything at this stage.
 
Currently, media company TV18 holds 33 percent stake in MobileNXT, while the balance stake is held by the promoters, Romy Juneja and Menon.
 
At present, MobileNXT has 30 retail outlets in tier 2 and 3 towns in the country, which includes Karnataka, Tamil Nadu, Punjab, Gujarat and Kolkata.
 
For the financial year ended March 2008, MobileNXT has registered a turnover of Rs 30 crore.