Spice Telecom keen to acquire Cellucom
Indian conglomerate eyes troubled UAE phone retailer as part of major Gulf expansion plan
Indian phone maker and retailer Spice Telecom is in talks to buy the troubled UAE phone retailer Cellucom, according to UAE daily, The National.
Spice Telecom's CEO, Bhupendra Kumar Modi, said he was discussing the acquisition of Cellucom's assets with the firm's liquidators.
Cellucom, which was one of the UAE's leading mobile retailers, ceased trading back in April after its major shareholder, Al Rostamani Group, filed for liquidation.
Modi said that Cellucom "had to take a lot of loans" which meant the banks were forced to take over the business, and that Spice Telecom was hoping to buy the company from the banks, The National reported.
Modi added that Spice Telecom was also looking at other distressed assets in the Gulf and that the company hoped to invest some $150 million to open 300 to 400 stores in the GCC by the end of 2010.