Mobile handset company Spice Mobility today said it will invest Rs 1,000 crore this fiscal to further expand its business through opening new centres and going in for acquisitions.
The company in the long run will also look to merge Spice Mobility with Spice i2i in order to streamline its various businesses.
"The company will be investing Rs 1,000 crore during FY'11-12 to position itself as a mobile internet company and will also work to streamline its various operations under one fold," Spice Mobility Chairman B K Modi told reporters here.
The company will be using the funds for building new offices, regional centres, hiring new employees, he said adding the resources would generated internally.
In order to expand in the Indian mobile retail market, the company has created a seven cluster distribution model for which it plans to hire about 300 more people for further strengthening customer relationship, Modi said.
To kick start its new positioning campaign, Spice Mobility today showcased its new logo and unveiled the dual SIM phone on the Android platform, which the company will be launching next week in the market.
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"Earlier, we were known as a mobile phone company. Now we have merged our various divisions like devices, retail and value-added services into one and focus on mobile internet. Our market capitalisation stood at Rs 2,400 crore," Modi added.
The company, continuing its acquisition spree, is close to buying Indonesia-based Nexian for which the company has already raised $200 million and the Bangladesh-based Sprint, for which it has to seek regulatory clearances.
The Spice group is present in areas like mobility, finance, infotainment and innovative technologies through its various companies like Spice Mobility, Spice Hotspot, Spice Digital Spice Labs, SpiceI2I, S-Unno, Spice CSL, Spice BPO, Spice Online Retail Spice Money (WSFL) and Spice World and Spice Cinemas.