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Spice Online to sell 49% stake to Digitone

Spice Mobility has informed that it will sell a 49% stake in its subsidiary Spice Online to Digitone, a subsidiary of Beijing Digital Telecom Company, in a BSE filing. With the stake sale, Spice Online would get help in gaining experience from the Digitone in the wholesale distribution of electronic devices including mobile phone handsets. The Beijing Digital Telecom Company informed that it will acquire the stake for $2.5 million from Spice Mobility and provide a loan for the same amount after the acquisition, in a filing to the Hong Kong stock exchange. It also informed that it will form a joint venture in India with Omni Ventures. The company will hold a 60% stake and remaining 40% will be held by Omniventures. Beijing Digital Telecom Company made a capital commitment of $2.5 million and a shareholder loan for the same amount. The joint venture will mainly be engaged in manufacturing and selling mobile phones and accessories. Structural change: Earlier this month, Spice Mobility had informed that Hindustan Retail had decided to transfer 100% stake in Spice Online Retail to Ominiventures. It would make Spice Online Retail and its subsidiary company Hotspot Sales & Solutions wholly owned subsidiaries of Ominiventures. The same month, Spice Online Retail also incorporated Hotspot Sales & Solutions Private Limited as a 100% owned subsidiary company to engage in the business of telecom devices. Last Month, Spice Mobility informed that it would acquire the entire equity stake in Omniventures and New Spice Solutions, in a BSE filing. This acquisition will make both the companies wholly owned subsidiaries…

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