Spice willing for Telekom Malaysia raising stake to 74 per cent

03 June 2008

Mumbai: Spice Communications is open to Telekom Malaysia raising its stake to 74 per cent from the current 39.2 per cent. Spice is also open to the UAE-based Etisalat and others buying a stake in the company, chairman B K Mody said.

Telecom Malaysia partners Etisalat and NTT DoCoMo in some markets,  Modi said, adding that "if they want to bring them in as part of the deal (for taking stake to 74 per cent), we are open to that."
     
Modi said Spice was in talks with Telecom Malaysia and the company was yet to receive any proposal from the latter.

Spice was willing to consider a stake sale, Modi said at a special shareholders meeting, adding that he was looking at a minimum price of Rs60 a share.

Shares in Spice closed 2.3 per cent down at Rs57.25 in a weak Mumbai market.

The government permits up to 74 per cent foreign investment in telecoms.

"Everybody is planning to come to India. But the issue is what sort of shareholding will be there," he said.