With an aim to garner more market share, Chinese phone maker Transsion Holdings has picked up 80 percent stake in Spice Mobile, PTI reported.
"Transsion holds 80 percent stake while the Modis of the Spice Group holds the rest 20 percent," PTI quoted a senior official.
The report also said that the company has no plans to buy the remaining stake.
"We want to reposition Spice in the mid category segment of both feature and smartphones to compete with established brands catering to these segments (Rs 800-Rs 9000) including Samsung, Nokia, and Micromax," official further said.
To recall, in June this year, Transsion Holdings also announced a joint venture (JV) agreement with Spice Mobility, to strengthen its foothold in the world's fastest growing mobile market.
The partnership aims to revitalize the 'Spice brand' by cross-leveraging both organizations' strengths to offer a simple, yet, an all-new powerful and rich digital experience to the young generation of India, the companies said. It said the new Spice brand portfolio will offer stylishly designed devices catering to the needs of the Indian youth.
The Spice has also unveiled its new brand identity and philosophy - "Make Sharing Better" with Spice.
In line with the new brand identity, Spice brand will enable the users' to create and nurture the social connections by sharing content that is enjoyable for them, the company said.
"This JV is a commitment towards furthering digital inclusion in India, assuring high-quality products and services to one and all, thus democratizing innovation and technology. We are sure that by leveraging each other's strengths, we will make a significant contribution to the emerging Indian technology market," Dilip Modi, Executive Chairman, Spice Mobility said.