Spice Comm to sell 875 towers, raise $ 810 mn

New Delhi, Dec 26: Telecom service provider Spice Communication today said it will sell 875 towers and also plans to raise about 810 million dollars through debt.

The company's board, that met yesterday, has decided to borrow up to 400 millions dollars from Hong Kong and Shanghai Banking Corporation, while 410 million dollars would be raised through China Development Bank, company said in a statement. The company which operates in two states of Punjab and Karnataka will utilise these funds for growth and networking expansion in the existing telecom circles, it added.

UNI