Spice to invest $1 bn, mulls IPO in Dubai

B K Modi-led Spice Communications announced that it would invest $1 billion (around Rs 3,950 crore) for expanding mobile services, and was planning to launch an initial public offering (IPO) in Dubai for raising funds.
    
"We will invest $1 billion in four new circles, and we expect to roll out our services in the first half of this year," B K Modi, chairman, Spice Group, told PTI.

The investment would be made for starting mobile services in Delhi, Haryana, Andhra Pradesh and Maharashtra, the circles for which it received Letters of Intent (LoIs) recently, and for expanding operations in Punjab and Karnataka circles.