Spice i2i acquires Thai handset co for Rs 100 cr

Spice i2i, a Singapore-based company of B K Modi-led Spice group, today acquired Thailand-based NewTel Corporation, for Rs 100 crore.

NewTel Corporation is a producer, distributor and wholesaler of mobile phones, and is the second largest local mobile handset player in Thailand, with around eight per cent market share. It has a network of 3,000 sub-dealers in Thailand. In 2009, it sold 700,000 mobile phones through its network of partners, sub-dealers and retail stores.

This acquisition will help Spice i2i, a mobile handset distributor and solutions provider, to extend its market share to the greater Mekong sub-region of Thailand, Vietnam, Myanmar, Cambodia and Laos.

“This acquisition demonstrates Spice i2i’s commitment to become one of the leading mobility players in the local markets of the i2i (Ivory Coast to Indonesia) region. By leveraging NewTel Corporation’s network, we will also become the first Singapore company to penetrate the Myanmar mobile communications market, bringing the mobility concept direct to the Myanmar consumers and making it more accessible for them,” said B K Modi, Chairman of Spice Group.

Spice opened its first retail store in Myanmar recently, and Modi says more such stores are in the pipeline. “Moving ahead, we are also looking at entering other markets within the i2i region to achieve our aim of becoming the leading mobility player in this sector,” he added.

Spice i2i was formerly called MediaRing. It was acquired by Spice group in 2009, through its subsidiary, Spice Innovation Technologies Pte.