Spice i2i, a Singapore-based company of B K Modi-led Spice group, has acquired Thailand-based NewTel Corporation, for Rs 100 crore. The acquisition of NewTel Corporation, known for the WellcoM Mobile brand, paves the way for Spice i2i to extend its market share to the Greater Mekong Sub-region, which includes countries such as Thailand, Vietnam, Myanmar, Cambodia and Laos.
NewTel is the second largest local mobile handset player in Thailand, with around 8 per cent market share. It has a network of more than 3,000 sub-dealers and over 60 WellcoM partners; and in 2009, the company sold more than 700,000 mobile phones.
"We are very pleased to have completed the acquisition of NewTel Corporation in Thailand. This move demonstrates Spice i2i's commitment to realise our Circle of Champions vision - to become one of the leading mobility players in the local markets of the i2i (Ivory Coast to Indonesia) region. By leveraging NewTel Corporation's network, we will also become the first Singapore company to penetrate the Myanmar mobile communications market, bringing the mobility concept direct to the Myanmar consumers and making it more accessible for them," said Dr B K Modi, chairman, Spice Group.
"We have opened our first retail store in Myanmar through our local distributor on 5 December 2010. More of these are in the pipeline and we look forward to playing a bigger role in improving the communications framework of the Myanmar market. Moving ahead, we are also looking at entering other markets within the i2i region to achieve our aim of becoming the leading mobility player in the i2i region," he added.