Spice Global

Last updated
Spice Global
Type Private
Industry Conglomerate
PredecessorModi Corp
MCorp Global
Spice Corp
Founded1980;44 years ago (1980)
Founder Bhupendra Kumar Modi
Defunct2018;6 years ago (2018)
Headquarters
Singapore
,
India
Area served
Worldwide
Key people
 Ozi Amanat (CIO) [1]
Total assets Increase2.svg US$ 2 billion (2011) [2]
Number of employees
10,000
Website Spice Global

DigiSpice (aka Spice Global) was an Indian conglomerate headquartered in Singapore. The company operates in the sectors of telecom, finance, entertainment and technology. They operate internationally in Los Angeles, New York, Kuala Lumpur, London, Dubai, Nepal, Bangladesh, Uganda, Tanzania, Zimbabwe, Sri Lanka and Shenzhen.

Contents

In 2014, the company's aggregated assets totalled US$2 billion with over 10,000 employees worldwide. [2]

Spice Global is planning to offer full-fledged banking service, with focus on smart banking, which is showing a 227% annual growth, to its customers. It has applied to the Reserve Bank of India (RBI) for a license. The company is already offering financial services through Wall Street Finance, which has 6,000 sub-agents across India, including Vijaya Bank, ICICI Bank and Kotak. [3]

In 2014 the company made an aggressive bid to acquire the American business magazine Forbes Media, from the Forbes family and the private equity group Elevation Partners. Ozi Amanat valued the company and acquisition at $300–$500m and quoted it as one of the world’s most brilliant brands. [4] The bid for Forbes was short listed as the 3 top bidders for acquisition, beating Time Inc, Fox, Bloomberg, Warren Buffett and other major investors.

History

Spice Global was established in 1980 by B. K. Modi under the name, Modi Corp. Later, the company came to be known as MCorp Global and Spice Corp, before it finally became Spice Global.

In 2009, a bid between Virgin Mobile and Spice Global was held for the 3G contract of Mahanagar Telephone Nigam Limited. [5] The deal was eventually called off due to regulation issues and a deal was not signed for the network. [6]

Spice Telecom was sold to Idea Cellular in 2008. [7]

The company abandoned plans for a US$ 500 million IPO when the Dubai Financial Market General Index dropped 65 percent in 2009. [8] The decision where to hold the IPO was withheld from the general public with Singapore, Hong Kong, London, and the US as strongly speculated possibilities. [9] [10] However, plans in 2012 revealed Spice Global would be listed in London. [11] [12] Modi expects to raise US$ 1 billion in the listing where London has agreed to the listing. [13]

In May 2023, the Times of India reported that Spice Money, a subsidiary of Spice Global, was partnering with Boston Consulting Group (BCG) to strengthen its reach across India. [14] Spice Money was founded in 2015 and aims to develop financial strategies for rural customers in India in saving, credit, and commerce. The partnership with BCG will seek to identify financial areas that demand greater attention and support in rural communities.

Proposed Operations

Spice Global Group plans to expand its footprint in Malaysia. Spice Global has a presence in Malaysia in the field of mobile software and hardware technology through Spice CSL. Spice Global had earlier taken over the Malaysian mobile company, CSL. [15] The company did a business worth over US$100 million in Malaysia in 2012 and hopes to breach US$200 million (RM618 million) by 2014. This year, Spice CSL will launch two new smartphones and one tablet in Malaysia. The company is currently in talks with Malayan Banking Bhd (Maybank) and Bank Islam Malaysia Bhd for strategic partnerships for its proposed banking business.

Spice Global is interested in entering the Malaysian healthcare sector and is in talks with IHH Healthcare Bhd for a partnership. The company also plans to buy a property in Putrajaya.

Awards and honors

Subsidiaries

Board of directors

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References

  1. ↑ Vikas SN (Jan 3, 2013). "Spice Global Appoints Ozi Amanat As Its Chief Investment Officer". Medianama.com. Retrieved 8 January 2013.
  2. 1 2 "Spice Retail acquires Global Access". The Hindu . January 22, 2010. Retrieved 8 January 2013.
  3. ↑ "Spice Global plans to approach RBI for bank licence". NDTV . PTI. 14 March 2013. Retrieved 23 August 2013.
  4. ↑ "Spice Global's BK Modi among top bidders for Forbes". The Economic Times . ET Bureau. 16 January 2014.
  5. ↑ "Virgin Mobile, Spice Group bid for 3G franchise deal of MTNL". New Delhi: The Economic Times. September 3, 2009. Retrieved 8 January 2013.
  6. ↑ "MTNL plans fresh tender for 3G partner". New Delhi: The Economic Times. May 26, 2010. Retrieved 8 January 2013.
  7. ↑ "Spice considers stake sale". The Hindu . NEW DELHI. June 4, 2008. Archived from the original on June 6, 2008. Retrieved 8 January 2013.
  8. ↑ "Spice Global to Seek New Exchange for I.P.O." The New York Times . June 22, 2009. Retrieved 8 January 2013.
  9. ↑ Ismail, Netty (June 22, 2009). "Indian Billionaire Modi Plans $1 Billion IPO, Scraps Dubai Plan". Bloomberg Businessweek . Retrieved 8 January 2013.
  10. ↑ K. V. KURMANATH (June 15, 2012). "Spice Global listing likely this fiscal". The Hindu . HYDERABAD. Retrieved 8 January 2013.
  11. ↑ "#52 Bhupendra Kumar Modi". Forbes . 2011. Retrieved 8 January 2013.
  12. ↑ "Spice Global's Modi on Developing Markets, Planned IPO (Video)". Bloomberg Businessweek. Jan 13, 2012. Retrieved 8 January 2013.
  13. ↑ "Spice Group plans $1-b London listing". The Hindu . London. May 26, 2012. Retrieved 8 January 2013.
  14. ↑ "Fintech platform Spice Money partners BCG to improve its rural reach". The Times of India. 2023-05-11. ISSN   0971-8257 . Retrieved 2024-01-12.
  15. ↑ "Welcome to Spice CSL Group | Commitment Service Loyalty - Spice CSL". Archived from the original on 2013-01-05. Retrieved 2013-01-02.
  16. 1 2 "S Mobility to handover Handset business to S Mobile Device". News.indiamart.com. 2012-07-06. Archived from the original on 2013-02-16. Retrieved 2013-01-08.
  17. ↑ "Asia's 200 Best Under A Billion". Forbes . September 1, 2010. Archived from the original on 2011-06-13. Retrieved 8 January 2013.
  18. ↑ "#65 Bhupendra Kumar Modi". Forbes . 2010. Retrieved 8 January 2013.
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