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TechLegis, Khaitan, Dentons Rodyk on Beijing Digital buy in Spice Online

"In an instance of an offline retailer buying an e-commerce property, Chinese handset retailer Beijing Digital Telecom has acquired 49% stake in Spice Online, the online retail arm of Spice Group, according to BSE filings.

Beijing Digital picked the stake through its Singapore-based subsidiary Digitone, run by New Idea Investment,” reported VC Circle. __TechLegis Advocates and Solicitors partner Salman Waris was instructed for New Idea Investment by in house counsel Peng Gang and Li Gigli.

Khaitan & Co and Dentons Rodyk & Davidson acted for Spice Online.

Waris commented: “It’s a downstream investment wherein New Idea has acquired the stake for $2.5m (about Rs 17 crore) from Spice Mobility and provide a loan of an equal amount. Simultaneously, the client has also acquired a 60% stake in a joint venture with Omni Ventures, a wholly owned subsidiary of Spice Mobility, for $2.5m and extended a shareholder loan of an equal amount.”

Spice Online operates website Saholic.com on which users can shop mobile phones, laptops, tablets and accessories.

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