wordpress blog stats
Connect with us

Hi, what are you looking for?

Spice Mobility decides not to acquire New Spice Solutions

Spice Hotspot

Without disclosing any specific reason, consumer tech maker Spice Mobility has decided not to acquire any stake in New Spice Solutions, the company informed the BSE. Spice had said it would acquire New Spice Solutions and Omniventures Private Ltd. in May this year.

Spice mentions that New Spice Solutions does not have any significant business activity. It’s also not clear what exactly the company does other that belong to the ‘Service Industry’. Interestingly, in May, Spice had said it would complete the acquisition immediately in cash. The acquisitions would have made New Spice Solutions a wholly owned subsidiary of Spice Mobility.

Structural changes:

Omniventures, the other acquisition Spice announced in May, is the more significant company of the two. In June, Spice Mobility had informed that Hindustan Retail had decided to transfer 100% stake in Spice Online Retail to Omniventures. This would make Spice Online Retail and its subsidiary company Hotspot Sales & Solutions wholly owned subsidiaries of Omniventures. In the same month, Spice Online Retail also incorporated Hotspot Sales & Solutions as a 100% owned subsidiary company to engage in the business of telecom devices.

The same month, Spice said it would sell a 49% stake in its subsidiary Spice Online to Digitone, a subsidiary of Beijing Digital Telecom Company. In exchange, Beijing Digital Telecom Company informed that it would acquire the stake for $2.5 million from Spice Mobility and form a joint ventures with Omniventures.

Advertisement. Scroll to continue reading.

Previous acquisitions:

In January, Spice Mobility had acquired a 22.54% stake in Delhi-based Sunstone Eduversity in an all cash deal, and in July last year, it had acquired a 26% stake in telecom technology solutions providers Creative Functionapps Lab for an undisclosed amount.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ