Idea cellular bought 40.8% stake of Spice Telecom for Rs.2,716 Crores which was fourth largest in Indian Merger & Acquisitions.
This deal gave Idea Cellular another 44-lakh subscribers of Spice Communications in Punjab and Karnataka circles in addition to owned 2.6-crore subscribers in 11 circles.
Idea Cellular would get hold of crucial spectrum of licences recently got by Spice for operations in four more circles including Delhi, Tamil Nadu and Andhra Pradesh.
The ‘Spice’ brand will be phased out over six months in the two circles.
