Idea hot on Spice merger

Indian operator Idea Cellular is reportedly close to striking a buyout of smaller rival Spice Telecom, valuing the firm at around $1bn. Spice is 51 per cent owned by industrialist B K Modi, with Telecom Malaysia holding the remaining 49 per cent. Idea is owned by the Aditya Birla Group.Idea had around 14.5 million subscribers at the end of April, while Spice has around 2.8 million. The merger would put the combined entity in a stronger fifth place in the market.