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Spice Mobility to invest Rs 1,000 crore in FY2011 12

Spice Mobility to invest Rs 1,000 crore in FY2011-12

By Press Trust of India | Updated: 15 June 2012 17:02 IST

Highlights

Mobile handset company Spice Mobility today announced that it will invest Rs 1,000 crore this financial year to position the company as a "mobile internet company" and synergise its various divisions under this positioning.

Mobile handset company Spice Mobility today announced that it will invest Rs 1,000 crore this financial year to position the company as a "mobile internet company" and synergise its various divisions under this positioning.

"Earlier, we were known as a mobile phone company. Now we have merged our various divisions like devices, retail and value-added services into one and focus on mobile internet. Now we are close to a Rs 2,400 crore company," Spice Mobility Chairman B K Modi told PTI.

"We will invest Rs 1,000 core in this financial year on research and development, creation of value-added services, acquisition of firms, setting up new offices and building capabilities," Modi added.

He said the planned investment for FY'12 will be made through internal accruals of the company.

To kick start the new positioning campaign, Spice Mobility today showcased its new logo and launched the world's first dual SIM phone on the Android platform.

"We are the first one to announce world's first dual-sim phone on Android, which has number of free applications to address the digital lifestyle of youth," Modi said.

Modi mentioned that Spice Mobility will launch devices that will be built keeping consumers in mind and not around telecom service providers' strategies.

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