BK Modi’s Spice Group acquired 100 % stake in Dubai-based mobile retail player, Cellucom. The deal is through a share-swap mode involving Spice acquiring Cellucom’s India stake while Cellucom investing to acquire 26 % stake in Spice’s mobile retail arm, HotSpot.

Spice Corp will now invest Rs 100 crore in the retail arm. Post deal, the alliance is now considering a move to rename their respective mobile retail shops as HotSpot Cellucom.

Cellucom was already present in India with its earlier tie-up with RPG. But RPG late last year exited the venture. The deal is perceived as a consolidation move within the industry. The alliance is estimated to have around 620 stores with 500 belonging to Spice and 120 to Cellucom.