Spice Group acquires 100 pc stake in Cellucom India

2 Feb

According to The Economic Times, the Spice Group has bought 100 per cent shares in the Indian arm of Cellucom, a Dubai based mobile retail chain. In an all share swap deal, the Spice Group acquired 100 per cent shares in Cellucom by swapping 26 per cent stake in its mobile retail venture, Hotspot.

 

The Cellucom stores will be renamed HotSpot Cellucom, until a new brand name is announced for the entity. An investment of Rs 1000 crore is expected in the retail chain this year, according to BK Modi, chairman, Spice Group, who added that the retail space has been suffering from lower margins for quite some time now. 

 

Cellucom has 120 stores across the country which, added to the 500 Hotspot retail stores, will bring the total number of stores with the Spice Group to 620.

 

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