Spice sells stake to Telekom

Telekom Malaysia has agreed to buy 49 per cent of Spice for $178.8 million.

Malaysia's dominant phone provider, Telekom Malaysia, has agreed to buy 49 per cent of India's privately owned Spice Communications Ltd for $178.8 million, the two companies said on Friday.

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"India is a critical piece in our regional footprint," Telekom Chief Executive Abdul Wahid Omar told a joint news conference in Kuala Lumpur.

Telekom Malaysia is moving into the world's fastest-growing mobile phone market at a time when its home market is rapidly reaching saturation point.