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Modis to sell Spice stake to Idea

Modi group, the promoter of telco Spice Communications that was mulling a stake sale from a long time, is likely to ink a deal with AV Birla group company Idea Cellular for selling its holding. After the sale of Modi group's over 40 per cent stake in Spice to Idea, the two telco might be merged, sources close to the development said. Though Idea's Managing Director Sanjeev Aga and B K Modi of Spice were tight-lipped about the development, industry sources said a deal is likely to be announced this week. Earlier, during its annual general meeting Spice Chairman B K Modi had said he was open to all kinds of proposals for stake sale. Though the exact value of the deal could not be ascertained, it is believed to be at least Rs 60 per share. […]