Indian telecom-media group sets up headquarters in Singapore

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.