ASEAN KEY DESTINATIONS
August 17, 2008
India's Spice sets up office in Singapore
Spice Global Chairman Dr BK Modi said the city-state was chosen for its strategic location as a launching pad for its global business.
The company had set aside $200 million for its operations here, he told a recent press conference in Singapore.
Modi said the right place to do business now was in Asia as it had the world's fastest growing mobile society and was becoming a lucrative market and Singapore had all the world-class facilities and services plus the highly skilled and knowledge-based workers it needed.
The Spice Group, with businesses ranging from telecommunications, information technology, finance, entertainment and retail valued at about $1.5 billion, have offices in London, New York, Beverly Hills, Shenzhen, Dubai and New Delhi.
Modi said Spice would be relocating the film-making and entertainment businesses in Los Angeles and the financial services operation in Dubai to the Singapore office soon as the potential for the businesses to expand here was greater.
He, however, said the initial business venture in Singapore would be in the telecommunications and mobile phone industry as Spice had already been long involved and successful in the sectors in India and was not a stranger to the main players such as Starhub and Singtel in the local industry for any tie-ups.
Spice, short for Synchronised Performance in Innovation in Communication and Entertainment, has its own line of mobile phones branded under the company name "SPICE" and are mainly sold in India.