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Aug 15, 2008, 3:53 GMT

Indian telecom-media group sets up headquarters in Singapore

Singapore - An India-based group with interests in the information-communication technology sector is setting up its global headquarters in Singapore, armed with a 200-million-US-dollar war chest, news reports said Friday. The city-state was picked because of its proximity to the fast- growing 'Israel-to-Indonesia' market, The Business Times quoted Spice Corp Chairman BK Modi as saying. The region contains nearly half the world's population and has an overall mobile-phone penetration rate of 35 per cent, presenting a large market for growth. Spice is a diversified conglomerate operating across the communications and entertainment sectors with a 30-year history in technology, automation, information technology and telecommunications. As part of its investment in Singapore, an entertainment complex is also to be set up in the city-state, offering round-the-clock dining, shopping, movie screening and digital entertainment.

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