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July 16, 2001 		Feedback  
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Bharti group buys out Spice Cell

Telecom group Bharti Enterprises has bought mobile phone company Spice Cell Ltd from ModiCorp and Hong Kong's Distacom, a senior Bharti group official said on Monday.

"We have bought 100 per cent equity in Spice Cell. It's an all-cash deal," Akhil Gupta, joint managing director of Bharti Televentures, a holding company of the New Delhi-based telecom group, said.

Spice Cell, 51 per cent owned by ModiCorp, a holding company of B K Modi business family, and 49 per cent owned by Hong Kong's Distacom, provides cellular services in Calcutta.

A ModiCorp official in Calcutta, who did not want to be identified, confirmed that the deal was being worked out. "We are selling off Spice Cell to Bharti," the ModiCorp official said.

The New Delhi-based Bharti group runs mobile services in New Delhi, Madras, Karnataka, Himachal Pradesh and Andhra Pradesh and a fixed-line network in Madhya Pradesh.

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