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Diversified conglomerate Spice Global is going to change its name to Smart Global by January, for which the group is also looking to acquire companies in the technology space.
“This will be in phases — from now till December. January 1 will be the date of the launch of new brand and logo for the whole group. We are trying seeing how to work with new technologies in each area (of business verticals) in terms of both software and hardware,” B.K. Modi, Chairman, Spice Group, told Business Line .
The new company, to be christened ‘Smart Global Investments Pte Ltd’, will redefine the group’s businesses in telecom, finance, entertainment technology and healthcare, in the world, he said.
“The idea behind name ‘Smart’ is that technology is changing the whole world. It is changing the field of entertainment (YouTube), smart TVs, healthcare and education,” Modi said.
“I don’t want to be known through the Modi brand because that is a family name and our family is huge and each member has different businesses. I want to be known differently for my brand and the businesses I take care of,” he said.
Modi said most of the changes would take place in partnership with companies that are already in these businesses and a few that would be acquired, without sharing details of companies or names.
He said the company planned to invest $1 billion (around Rs 6,000 crore) over the next year. “We will invest around 30 per cent of the total investment and the rest will come from partners who want to do business with us,” he added.
The company, which started with providing office automation services in the 1990s, moved to telecom and then to technology. Modi said there would also be some management changes in the near future.
“Every vertical will have a new chief executive officer. For example, if we acquire a company (startup), we will make the owner of that company our CEO of that business because he will understand the segment better than us,” he said, adding that the group, which had around 9,000 employees globally, would see some hiring and firing in the near future.
ronendrasingh.s@thehindu.co.in
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