IDEA GETS SPICE FLAVOUR

It’s consolidation time in India’s booming telecom industry. Idea Cellular, the fifth largest mobile operator in terms of subscriber base, is acquiring 40.8 per cent stake in its smaller rival Spice Communications for Rs 2,716 crore. The deal will help Malaysian telecom major TM International (TMI) to convert its 32 per cent stake in Spice Communications to Idea shares. In other words, TMI will hold 18-20 per cent stake in Idea after the Aditya Birla group firm merges Spice with itself.

Hindustan Times