Branson's Virgin Group Searching for China Mobile Deal
"A year after announcing he aimed to set up a mobile reselling service in China, Richard Branson said on Monday his Virgin Group was still trying to get a slice of the world's biggest cellular market.
Branson said last December his company was in talks with a Chinese telecom operator with an eye to investing up to $300 million (173 million pounds) to launch a joint venture in the market.
He declined to name potential partners, though one publication said the field may include China Telecom Corp. Ltd., the nation's largest fixed-line carrier, and China Unicom Ltd., its number-two mobile carrier.
Virgin's mobile arm, Virgin Mobile Holdings, has similar deals in other markets such as the United States and Australia, forming alliances with existing carriers and then reselling service under the Virgin Mobile name."