B.K. Modi-owned Spice Group plans to raise $1 billion through overseas listing of Spice Global, the privately-held holding company for the group's two listed firms, Spice Mobility (India) and Spice i2i (Singapore). Simultaneously, Modi also plans to list subsidiaries of Spice Mobility in India to raise funds and unlock value for shareholders.

The Spice Group, with combined revenues of close to $2 billion, plans to expand in its three core areas, handset manufacturing; handset retail and telecom value added services. The Group has been expanding through the acquisition route in India and the south east Asian markets and, according to news reports, the majority of new funds would be used to expand through a similar mode in newer markets in Middle-East and Africa.

The Group has initiated the process for listing Spice Global, which will take place at either London or Singapore by end-2011. The Spice Group's overseas acquisitions are being done by Spice i2i, a company that focuses on what the group terms as i2i countries, namely from Ivory Coast to Indonesia.