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Spice Telecom plans IPO by year-end
BANGALORE:
Spice Telecommunications Pvt Ltd, the company that operates mobile service in Karnataka and Punjab, plans to hit the capital market with an initial public offering (IPO) by the end of the year, its Chairman B. K. Modi disclosed here on Friday. The proceeds from the IPO will be utilised to fund the planned capital expansion requirements of the company over the next 18-20 months. "We will invest Rs. 1,000 crore each in Karnataka and Punjab by December 2007,'' he said, adding that Spice would focus on its mobile business, particularly on the information, communication and entertainment side in these two States. Spice has announced plans to enter the mobile TV station space by setting up a pilot plant in Delhi, besides foraying into film funding and distribution business. Mr. Modi said Spice would launch its retail stores in Karnataka in the next three months that would sell multi-brand systems.
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