Tags:
Journalism of Courage
Mobile handset distributor Spice i2i today announced the acquisition of Thailand-based handset maker NewTel Corporation for USD 22 million about Rs 98.24 crore.
The acquisition of NewTel,which sells handsets under the 8216;WellcoM Mobile8217; brand,will help Spice i2i extend its market share to the Greater Mekong Sub-region,which includes countries such as Thailand,Vietnam,Myanmar,Cambodia and Laos,Spice Group Chairman BK Modi told PTI.
Spice has acquired the company for a consideration of USD 22 million,he added.
Part of the Spice Group,Spice i2i,is headquartered in Singapore.
NewTel Corporation posted a turnover of about USD 56 million for the year 2009. NewTel is the second largest local mobile handset player in Thailand,with a market share of about eight per cent.
8220;By leveraging NewTel8217;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,8221; he said.
