Telekom Malaysia (TM) has reportedly expanded its portfolio by purchasing 49 per cent stake in Spice Communications for $178.9 million. The Malaysian entity will help Spice restructure its existing debt of $215 million. TM, according to company officials, does not plan to take its stake beyond 49 per cent. Along with its partner, Mcorp, TM plans to grow Spice into a market leader in the geographies it operates in, and eventually attain a pan-Indian presence. TM has a global mobile subscriber base of over 20 million. It is the second Malaysian company to enter the Indian cellular market after Maxis Communications bought 74 per cent in Aircel through a joint venture with Apollo Hospital Enterprises for $1.1 billion in December 2005.
