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Telekom takes 49 per cent in Spice Telecom
NEW DELHI:
Malaysia's largest telecom operator, Telekom Malaysia Bhd, has picked up 49 per cent stake in Spice Telecom to enter the Indian market after an earlier unsuccessful attempt to buy into Idea Cellular.
When contacted, Dilip Modi, Chairman of Spice Telecom's holding company, SpiceCorp, told PTI that Telekom Malaysia had bought 49 per cent stake in Spice Telecom by buying out the stakes of Ashmore Investments and Deutsche Bank. Ashmore and Deutsche Bank had picked up the strategic stakes held by Singapore-based Distacomm, following the latter's decision to exit the market.
Mr. Modi did not reveal the size of the deal.
Spice Telecom owned by B. K. Modi is a regional player and has 1.8 million subscribers.
The deal with Spice will provide the India entry strategy for Telekom Malaysia, which tried, but was unsuccessful in acquiring a stake in Idea Cellular in the wake of regulatory issues. — PTI
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