Spice Communications secures LOIs for four premium circles
Spice Telecom January 22nd, 2008
~Deposits Rs. 740 Crores as license fees & bank guarantees~
Spice Communications Ltd., a leading GSM Mobile Services operator in Punjab and Karnataka, and part of Spice, a leading business group with interests in GSM Services, Mobile Devices, Mobile VAS, Mobile Retail, BPO Voice services, Entertainment Centres, Films & Post Production, has secured Letters of Intent for four premium circles of Delhi, Haryana, Maharashtra and Andhra Pradesh. These four circles account for more than 27% of India’s total mobile telephony user base.
Spice has today, also deposited the requisite license fees amounting to Rs. 484.47 Crores and Bank Guarantees amounting to Rs. 255 Crores to the Department of Telecom. The license fees have been paid through internal accruals.
Speaking on the development, Dr. BK Modi, Global Chairman Spice said, “We are happy with the fact that the DoT has decided to award Letters of Intent for four premium circles. We are in complete readiness to roll out our services at the very earliest, having tied up our investment and prepared for the establishment of our infrastructure base. These are circles that have tremendous scope for growth and the potential has not yet been fully tapped. We are confident that with more competition, the quality of services will improve and the consumer will benefit.”
“Spice has aggressive plans of roll out in these circles. In addition, we continue to believe Spice will secure more circles to operate in.” Dr. BKM added.
About Spice Communications
Spice Communications Ltd. Operates in Punjab and Karnataka under the brand name “Spice Telecom”, and has a subscriber base of nearly 4 million. While Spice Telecom is the 2nd largest operator in Punjab, it has also scripted one of the fastest growth stories in Karnataka for 2007.
For further information
Sudeep Sengupta (+91-9873004259) | Prasun Peter (+91-9811 279008)
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Tags: Andhra Pradesh, Delhi, GSM, Haryana, Karnataka, Maharashtra, Punjab, Spice Communications
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About
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