Country's telecom major Spice Mobility has recently announced the merger of its online and offline retail entities into one banner Omniventures Private Ltd. Company’s online retail firm Spice Online Retail along with its offline wing Hotspot Sales & Solutions will be brought under full control of the above mentioned arm.
In a regulatory filing, the company said that the boards of directors of both Hindustan Retail Private Limited (HRPL) and Ominiventures Private Limited (OVPL), both subsidiary companies of the company, have decided to transfer 100 per cent equity stake in Spice Online Retail Private Limited, a step down subsidiary from 'HRPL' to 'OVPL'.
Spice Online Retail runs e-commerce portal under brand Saholic.
Earlier this month, Spice Online Retail incorporated Hotspot Sales & Solution Private Ltd. as its 100 per cent owned subsidiary company to engage in its telecom devices business.
“Consequently, 'Spice Online Retail Private Limited' and its subsidiary company 'Hotspot Sales & Solutions Private Limited', will become wholly owned subsidiaries of the OVPL,” the statement said.
In the first three months, this is company’s sixth reshuffle related to structural change. Spice Mobility has been witnessing slump in sale of some of Spice Retail.
Spice Mobility board last month approved proposal of Spice Retail Limited and its subsidiary Cellucom Retail India Private Limited for the sale or transfer of their retail business and operations as a going concern by way of sprawl sale. The option also included sale or transfer of Spice Retail business to another subsidiary of Spice Mobility.
At the same time, the board of Spice Mobility board had approved acquisition of entire stake of Ominiventures-- a newly incorporated entity.