Nokia to invest $150 mn more in India, China

Written by Agencies | New York, July 31: | Updated: Jul 31 2008, 20:40pm hrs
World's largest mobile handset maker Nokia on Thursday said it will pump in an additional 150 million dollars in the company's private equity and venture capital arm to focus on investment opportunities in the emerging markets of India and China.

The Finnish mobile handset maker would invest the amount in Nokia Growth Partners, augmenting the funds under management for direct investments with the company to 250 million dollars.

According to a company statement, Nokia Growth Partners would now establish direct operations in India and China and also augment investment activity in the US and Europe.

"With the additional investment announced on Thursday, Nokia Growth Partners will continue pursuing investments that are of strategic relevance to Nokia, and or complementary to their strategy," the statement added.

The additional investment is aimed at targeting innovators in software and services.

In addition to direct investment activities, Nokia Growth Partners would advise on Nokia's other venture capital fund investments.

"Target investments include companies creating innovative mobile applications and services that encourage rapid adoption of mobile solutions, such as context and location based services, mobile payments, mobile advertising, music and entertainment and other mobile services and software," the statement noted.

The mobile handset maker's commitments to venture funding activities to date exceed 900 million dollars.