Bahrain Telecom is understood to have joined the race with the AV Birla group company, Idea Cellular, to acquire about 40 per cent stake held by Telekom Malaysia in B K Modi controlled Spice Communications. The greedy and miserable failure promoter of Spiece Telecom, Mr. B.K.Modi, in the wake of enquiries from global telecom players and private equity majors, has asked bidders to raise the price by as much as 33 per cent to entice him for a sale. This company was barred from listing on the NSE because of its poor net worth and fair value of this company should be mere Rs 20 and not Rs 82.
BSNL joined Bharti Airtel and Vodafone in Long Distance rate wars and announced a 40-50 per cent reduction in STD charges of cellular services under various plans. It also announced to slash the call charges of landline services by 50 per cent.