Indian phone-maker Lava International, said it that it will raise $90 million (Rs 630 crore) from GEM Global Yield Fund to invest in R&D with the aim of emerging as a handset market leader in the sub-$150 price segment. GEM group will make the investment over the next 36 months for through a ‘Share Subscription Facility’ which will allow the company to sell American depositary receipts to the US fund house in exchange for drawing down available funds, Lava said in a statement. “The company will use the funds to strengthen its business by funding its research, development and business expansion activities, with the objective of becoming a market leader in the sub-$150 cellular phone segment,” Lava said.

(Economic Times)