Spice plans to list its VAS company Cellebrum in the Bombay and Singapore Exchanges by May or June and subsequently its mobile handset retail unit, Hot spot by year-end.

“At the end of 2008, we will have four listed entities," Bhupendra Kumar Modi, Spice''s chief executive is reported to have said. "Cellebrum has been valued at around $500 million, but we will put it to the market at a lower price to benefit the shareholders," he added.