AppLabs Acquires ValueMinds And Will Now Maintain

AppLabs, a software testing company, has announced the acquisition of Hyderabad based ValueMinds, the developer of, a set of tools for test data generation and automated test case creation. [Release]

CBI Charges Two Senior MTNL Officers For Booking 300,000 Fake Connections

The Central Bureau of Investigation has charged a Deputy General Manager for GSM services and Assistant General Manager (Sales) of MTNL, for allegedly conniving with nine distributors of MTNL SIM cards for the creation of nearly 300,000 fake mobile phone connections [Business Standard]

Spice Digital To Dilute 25% Shares In Public Offering To Raise Rs 200 Crore

Spice Digital plans to raise over Rs 200 crore through initial public offering (IPO) by the fiscal-end by diluting up to 25% stake in the company. Also Spice Mobility, the device arm of the Spice Group plans to raise about Rs 500 crore through qualified institutional placement (QIP) and sale of treasury stocks, thus acquiring treasury stocks worth Rs 4.2 crore. [Economic Times]

Ed: MediaNama had first reported Spice Digital’s plans for an IPO, over a month ago. A Draft Red Herring Prospectus is yet to be filed with SEBI.

Aircel Plans To Re-Finance $500 Mn Through ECB To Clear Debts

Aircel plans to raise $500 million through external commercial borrowings (ECB) to re-finance the debt it had taken for spectrum payments. [Business Standard]

Ed: Aircel has paid Rs. 3438.01 crore for BWA Spectrum in 8 circles, and Rs. 6499.46 crore for 3G Spectrum in 13 circles.

RCom Makes VAS & 3G Appointments

Reliance Communication has recently hired Suresh Jayaraju as head of New Age Value Added Services. Previously Jayaraju was working as the head of wireless business in Google. RCOM has also appointed Prashant Gokarn as the Head of its 3G business. Gokarn was heading corporate strategy at RCom, and Jayaraju will be reporting to him. [Business Standard]

Liberty Inks JV With Runcom For Telecom Equipment, Managed Services

The makers of Liberty Footwear are entering the telecom space, and have inked a joint venture with Israel’s Runcom Technologies. The JV, called Sunfest Runcom Technologies plans to focus on “manufacturing, EPC Contracts and System Integration and managed services”, and has set up has set up a plant in Bawal in Haryana to manufacture base stations, USB Dongles for WiMax & LTE. Initially, the company will invest Rs. 30 crore in the venture. [Economic Times]