HFCL buys Page Point

MUMBAI, JULY 13: In an unusual zero-cash deal, Himachal Futuristic Communications Ltd (HFCL) has acquired Motorola’s paging venture Page Point for no monetary considerations, but with all its assets and liabilities. According to HFCL group director Mahendra Nahata, the group will only have to undertake the Rs 4-crore liability of Page Point to acquire the company. In return, it gets Rs 30 crore in reserves and surpluses, a projected cash surplus of Rs 7 crore from the current year, a well-established brand like Hotline, and a company in which Motorola has invested Rs 100 crore till date, he said.