M Corp Global has applied for six new telecom licences to the department of telecom and dispelled rumours that its company Spice Telecom is up for sale."M Corp has applied for six additional unified access licences in Western and Eastern UP, Haryana, Jammu and Kashmir, Himachal Pradesh and Rajasthan. A group, which is on a growth mode for its telecom business cannot be on a selling mode for one of its telecom company -- Spice Telecom," Umang Dash, managing director, Spice Telecom, said in New Delhi.
However, Dash said the group, headed by B K Modi, is open to fresh equity investment and partnership in the six new circles for which the company has applied for the licence in mid-May.
Hutchison Essar is believed to have mounted a hostile bid for buying out the foreign shareholder in Spice Telecom.
Company sources said this would not be possible as the first right of refusal lies with the M Corp Global and there are regulatory glitches also because Hutchison Essar is also operating in the same circle where Spice operates.
As per the current licencing norm, a single company cannot hold over 10 per cent stake in two companies in the same circle, sources said.
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