Distcom exits Spice, sells stake to Deutsche Bank arm
By Our Corporate Bureau | 28 Oct 2005
New Delhi: The Hong Kong-based Distacom; the foreign shareholder in Spice Telecom has sold its stake in the B K Modi-promoted Spice Telecom, to Ashmore Investment Management Ltd., a financial investor and the Deutsche Bank Group.
This was announced by Prakash Nanani, who has taken over as the CEO for Punjab and Karnataka circles.
Nanani also added that Spice Telecom was in the process of consolidating and investing in various disciplines, like network and technology up gradation, increase in infrastructure and resources and also enhancement of the brand image.
The service operator announced the launch a first of its kind offer in India for Spice Megatalk pre-paid subscribers termed as the ''Maha Buck'' offer. Maha Buck provides Megatalk subscribers life time validity on a recharge of Rs3,300 for a talk-time of Rs500. Subscribers who avail this offer cannot have zero balance for consecutive 90 days, and will have to be on the Megatalk tariff plan.
Spice is owned by MCorp Global, the holding arm of the B K Modi group.