Spice Mobility today said its online retail firm Spice Online Retail as well as offline retail entity Hotspot Sales & Solutions will be brought under full control of its another arm Ominiventures Private Ltd.
“Boards of directors of 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’,” the company said in a regulatory filing.
Spice Online Retail runs e-commerce portal under brand Saholic.
On June 3, Spice Online Retail incorporated Hotspot Sales & Solutions Private Limited as its 100 per cent owned subsidiary company to engage in the business of telecom devices.
“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.
This is sixth transaction under Spice Mobility related to structural change in the company within the first three months of current financial year.
Spice Mobility has been witnessing slump in sale of some of Spice Retail.
Spice Mobility board on May 18 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 slump sale. The option also included sale or transfer of Spice Retail business to another subsidiary of Spice Mobility.
On the same day, the board of Spice Mobility board had approved acquisition of entire stake of Ominiventures– a newly incorporated entity.
Of six transactions, two are related to incorporation of its overseas units — PT Spice Digital Indonesia and Spice VAS RDC Limited, and one is related to incorporation of joint venture firm Adgyde Solutions Private Limited for the purpose of building analytics based solutions.