BK Modi may have been last at the gate when it comes to listing his Spice Telecom. But after mopping up around Rs 530 crore with that IPO, now he wants to step on the gas with taking his other companies to the bourses.
Modi now plans to raise about Rs 1,000 crore by listing Cellebrum, which provides value added services for mobile users and is owned by MCorp Global. However, even the holding company MCorp Globa, which also has Spice's mobile handset business as well as IT and retailing under its umbrella may hit the markets in quick time.Modi wants to use most of the funds raised to beef up his handset manufacturing and retailing businesses, which are growing rapidly.MCorp already sells about one-lakh units a month and wants to capture about 10 per cent of the Indian market by 2010. It is also planning to go international.Spice Mobile phones, which recently launched a dual chip handset has initiated talks with Telekom Malaysia and Qualcomm for selling handsets in the Asian as well as American markets. Its targeting its dual chip phones for these markets as it can operate in both GSM and CDMA bands.
By: Arijit Banerjee, Source:ndtvprofit.com