Mobile services provider Spice Communications is set to sell its tower arm to Srei Infrastructure. The deal is estimated to be worth around Rs 500 crore. Following the deal, the towers from Spice may be added to Srei’s subsidiary Quipo Telecom, a stand-alone tower company.
Spice has also said that it was availing loans for up to $400 million from Hong Kong & Shanghai Banking Corp and another $410 million from China Development Bank for expanding its networks in Karnataka and Punjab, the two circles where it currently offers mobile services.
Read more in The Economic Times article.
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