Sony Ericsson is in talks to buy a majority stake in India's Spice Mobiles, the Economic Times said, citing unnamed sources.
A Total Telecom report added that the Modi group, which holds more than 63% of Spice, is seeking 80 rupees(€1.17, US$1.87)-100 rupees (€1.44, US$2.3) per share, which would value Spice Mobiles near 7 billion rupees €103 million (US$164 million).
Spice Mobiles shares closed down 1.3% at 22.70 rupees on the Bombay Stock Exchange yesterday, the report further said.