Even as the development regarding alliance of Idea Cellular and Spice Communications needs to be officially confirmed from the concerned players, new developments regarding foreign investors eying a stake in Spice have emerged.

One such report states that UAE-based Etisalat has pulled out of the race to acquire a stake in Spice. The reason cited is that the group did not agree to shell out Rs.70 per share of Spice as sought by the latter. At the most Etisalat was reportedly ready to pay Rs.60 per share.

Batelco is also in talks with Spice say reports for acquiring a part or full of the 40 percent stake held by Spice in its JV with Telekom Malaysia.

The new developments too remain to be confirmed from the parties involved.