HMD unveils strategy to recover lost ground

Can the launch of smartphones under its own brand name by Finnish company HMD Global - despite having a licence to use Nokia brand which it bought from Microsoft help it regain its once dominant position in the mobile phone sweepstakes in India, where it was once routed? In 2009, Nokia was the country's largest MNC with revenues of $4 billion and a market share touching 80 per cent in 2010.

After this, its fortunes fell. Although it had been the first global player to set up an assembly plant, not only to assemble phones for the local market but for exports, it had to shut down operations in 2014.

But last week HMD announced a new strategy, saying it will come out with its own branded smartphones in 2024 across the globe. This triggered speculation that it could be curtains for the Nokia brand, at least in the smartphone market.

But company executives clarified that it will continue to make Nokia phones and move to a multi-brand strategy across the globe.