New Delhi, Jun 3: Spice Communications Ltd has been approached by UAE-based Etisalat ETEL AD and AT&T for acquiring a stake in the company, Chairman B K Modi said here today. ''The company is willing to consider a stake sale,'' Mr Modi said, adding that every firm is planning to come to India. But, the issue is what sort of shareholding will be there.
Spice Telecom currently operates in the states of Punjab and Karnataka, and was recently refused a pan-India telecom licence. The Department of Telecommunications (DoT) cited the company's poor net worth, while awarding licences for just four more circles-- Andhra Pradesh, Haryana, Delhi and Maharashtra.
The country permits up to 74 per cent foreign investment in telecoms. With the rapidly expanding market, foreign firms are eyeing stakes in the Indian telecom operators.