Russia's largest mobile handset retailer Euroset has closed its two Indian subsidiaries as the new owner is not interested in the Indian market, according to reports.
Euroset, which has over 5,000 retail outlets in Russia and former Soviet republics was bought by Russian billionaire Alexander Mamut's investment company ANN on September 21, reportedly after debt refinancing problems, a Russian state-owned news agency said.
A source in the company said the two subsidiaries, formerly designed to operate in India under Ultra brand, which also belongs to Euroset, were closed on the decision of the new owner, who is, "not interested in investing in India".
