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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