Spice Corporation today announced a major restructuring plan to consolidate the $1.5 billion group's businesses under four major verticals - telecom, entertainment, financial and capital market services and IT and related technologies.
According to the rejig plan, all existing telecom businesses, including Spice Mobiles, Cellebrum Technologies (Mobile VAS), Mobisoc, Hotspots Retail and Omnia and Bharat BPO Services, will be brought under Spice Televentures, the new holding company that will be headed by Dilip Modi, the company said in a statement.
The group earlier sold Spice Telecom, the mobile venture, to Idea Cellular for over Rs 2,700 crore, acquiring B K Modi's 40.8 per cent in the process.
The boards of the new entities and holding companies, according to the statement, will be constituted soon.
"The Asia Pacific region, especially between Israel and Indonesia, is emerging as the most dominant market in the mobile telephony space. This restructuring will energise the businesses and bring better strategic focus, thereby further enriching the experience of the end-customer," Spice Group Global Chairman B K Modi said.
The boards have already undergone a change with internal and external nominees being appointed.
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B K Modi will lead the Spice Group as its global chairman and mentor.
The restructuring is all set to herald another major growth and expansion move for the Spice Group within the telecom space. "The group is identifying new business vistas," the company said.
The group has drawn out plans for a foray into the entertainment sector that would include interests in multiplexes, television, film production, post production and gaming.