"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.
© 2026