Idea Cellular is learnt to be in negotiations with the B.K. Modi Group, which holds a 40.8 per cent stake in Spice Communications, to buy a controlling stake in the operator.

Idea Cellular is learnt to be in negotiations with the B.K. Modi Group, which holds a 40.8 per cent stake in Spice Communications, to buy a controlling stake in the operator. The situation is still evolving as we go to the press. If the buyout comes through, Idea Cellular will reportedly make the mandatory open offer thereafter for the 20 per cent stake currently held by the public. Telekom Malaysia, which has 39.2 per cent stake in Spice Communications, will get a proportional stake in the combined entity. Meanwhile, Etisalat, which was earlier in the race to buy stake in Spice Communications, has withdrawn its offer while Bahrain Telecommunications has joined the race for Spice’s stake.