Spice Communications is close to selling its tower business to SREI Infrastructure Finance in a deal worth about Rs 5 billion.

Spice Communications is close to selling its tower business to SREI Infrastructure Finance in a deal worth about Rs 5 billion.

Following the deal, Spice’s towers may be added to the SREI Group’s standalone tower company Quipo Telecom. Meanwhile, Spice is reportedly negotiating with the Hongkong and Shanghai Banking Corporation for a $400 million loan and with China Development Bank for another $410 million loan. The company is planning to use these funds for expanding its networks in Karnataka and Punjab.