Dubai: Axiom Telecom aims to become the largest mobile wireless retailer globally by expanding the number of outlets to 2,500 from the current 460.
The company has signed a $400 million syndicated import and purchase finance facility, officials said.
It has mandated Emirates Bank, JP Morgan and Dubai Islamic Bank as the lead arrangers for the loan.
Other banks among the eight include First Gulf Bank, Noor Islamic Bank, Commercial Bank of Dubai, Emirates Islamic Bank and United Bank.
The loan, which will replace all present import and purchase finance facilities, comprises a conventional loan of $235 million and Islamic loan of Dh605 million, and it is an 18 month, revolving loan.
The owner of Fono and One mobile outlets, Axiom aims to have 2,500 retail outlets by 2010, according to officials.
"We plan to expand operations through organic growth and strategic partnerships in the Middle East, North Africa and India," said Abdul Aziz Al Bannai, Axiom chairman.
Currently, with 460 retail outlets, the largest mobile wireless retailer in the Middle East is looking to become a lead player globally and has started expansion by signing a joint venture with India's Pantaloon Retail to distribute mobile handsets and accessories and establish services in India.
"India is the largest telecom market and it will play a significant part in our global expansion," said Faisal Al Bannai, chief executive of Axiom.
He said of the 2,500 retail outlets the company plans to have in two years, the majority will be in the larg-est market, which is India.
Al Bannai said the company has 160 outlets in Saudi Arabia, which is its largest market in the Middle East.
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