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Spice Mobility to invest Rs 1,000 crore in FY12

Spice Mobility to invest Rs 1,000 crore in FY12
PTI
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First Published: Mon, May 02 2011. 04 23 PM IST
Updated: Mon, May 02 2011. 04 23 PM IST
Noida: Mobile handset company Spice Mobility on Monday announced that it will invest Rs1,000 crore this financial year to position the company as a “mobile internet company” and synergize 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 Rs2,400 crore company,” Spice Mobility chairman B. K. Modi told PTI.
“We will invest Rs1,000 crore 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 FY12 will be made through internal accruals of the company.
To kick start the new positioning campaign, Spice Mobility 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.
He 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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First Published: Mon, May 02 2011. 04 23 PM IST