Spice may join Indus Towers venture

NEW DELHI, INDIA: Spice Communications Limited is likely to join Indus Tower venture, promoted by Vodafone, Bharti Airtel and Idea Cellular.

Spice Communications today informed the Bombay Stock Exchange (BSE) that the Board of Directors of the company at its meeting held on December 25, 2007, had decided to sell 875 Telecom Towers of the company to a tower operating company.

Spice board had also decided to avail the borrowing facilities of up to $ 400 millions from HSBC bank.

The company also plans to avail borrowing facility of up to $410 millions from China Development Bank (CDB) for growth and network expansion in the existing telecom circles.

Indications are that Spice will be investing the revenues generated out of the selling its towers and also the funds to be raised for network expansion.

Spice is one of the telecom companies, which had been granted licence for expanding into other circles but have not been allocated spectrum till date.