Flush with cash from his wireless telephony company's sale, industrialist B K Modi is negotiating to acquire 39 per cent stake in Indian television company, Multi Screen Media, earlier known as Sony Entertainment Television.

Modi, who was earlier eyeing the 32 per cent stake held by Indian shareholders, is now looking at acquiring an additional 7 per cent held by trusts. He is also planning to re-brand the television channel as Sony Spice TV.

"We are in talks to buy Sony from the present shareholders and now we are close to acquiring 39 per cent stake in the company. We are also open to take our stake further to get majority control," a top executive of Spice group said, on condition of anonymity. Apart from buying the Indian promoters' 32 per cent shares in the company, Modi is talking to various equity funds to garner another 7 per cent.

With this buyout, Modi will become the largest shareholder in the company after Sony Pictures, which holds 61 per cent. The unlisted MSM is one of India's leading television channels and its minority promoters were looking at exiting the company for a long time.

The promoters were also fighting with Sony over infusion of additional capital in the company. The promoters earlier tried to exit via an initial public offering of shares, but it failed to take off. MSM operates various television channels in India, which include SET India, SET Max, SAB TV and SET Pix.

Modi's three other Indian companies will go public in the next couple of years.

"Our business process outsourcing unit will go for a listing this year and we are filing our red herring prospectus with the regulator in three weeks," the executive said.

The group already has a listed handset-maker, Spice Mobile. However its value-added service provider, Cellebrum, and retail company Hot Spot are not yet listed.

Cellebrum has signed a 3-year exclusive contract with the Idea-Spice combined entity to supply value-added services.

The group will supply low-cost cellular phones to TK International, which operates in nine countries.