There is good news for luxury phones lovers. A firm in Bangalore is designing a mobile phone worth Rs 3 lakh which is expected to hit the Indian market by Diwali. However Sandalwood Partner's MD Bob Kondamoori didn't reveal the name of the company or the persons working behind the firm. Sandalwood Partners has invested $2 million in the company and plans to spend around $10 million over a period of time.

 

The cell phone will be designed in Bangalore and its manufacturing will be done in Italy. The persons engaged in this farm are said to be top professionals who have worked with well known brands like Louis Vuitton and Ritz Carlton. Mr. Kondamoori said that the firm intends to sell 10,000 units in the first year of its launch.

 

Worldwide, there are very few luxurious mobile phone brands. Some of them are well known names like Motorola and Sony Ericsson which have cell phones priced in the range of $51,800 to $300,000. On the other hand there is Vertu, Nokia's luxury division which has handsets costing as much as $310,000. India has one of fastest growing mobile markets in the world. According to an estimate the number of mobile users in India will cross 500 million by 2010 -11.