The Future Group, whose flagship company Pantaloon Retail operates over 1000 stores nationwide, has entered into an agreement with UAE-based mobile retail company Axiom Telecom, to form 50:50 joint venture company christened ‘Future Axiom Telecom Ltd.’

According to the company, the newly formed JVC will retail and distribute mobile handsets and accessories and set up service centres in India. Further it would also take charge of the 500 stores and touch points in 58 cities, which are currently running under the brand name of Mobile Bazaar and Mport respectively.

The company plans to set up more than 1,500 outlets across India by 2009, entailing an investment of $40 million.

Axiom Telecom is the largest and leading, authorized distributor and retailer for mobile phones, mobile accessories and PDA’s in the middle east. The firm is promoted by Faisal Al Bannai and has 500 odd outlets in various countries including UAE, Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, Egypt and UK.