Idea-Spice merger talks fail

ET reports that merger talks between Idea Cellular and Spice Telecom have broken down due to differences in price.
Spice, which offers cellular services in Punjab and Karnataka, had revenues of around Rs 553 crore in 2006. It was looking at a valuation of about $1.3 billion (over Rs 4,300 crore). Idea found it excessive, as [...]