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MIH Web has paid $12.3 million for a minority stake in the mobile VAS company
MIH Web Pvt. Ltd continues on its acquisition spree. The company has picked up a minority stake in mobile VAS services developer, ACL Wireless, for a sum of $12.3 million (Rs 50 crore), according to a senior official at the mobile company. While there is a report that MIH Web has acquired a 20 per cent stake in ACL Wireless, the official said that the actual figure was “in that region”.
The official added that ACL Wireless had been looking for a strategic investor for a while and was not keen on venture capital funding. The focus of the company was now on developing mobile applications such as mobile community services.