Ncell sold to British firm SpectraLite UK.

Ncell- also called, Ncell Axiata Limited (Previously Ncell Private Limited) is the first private mobile service provider operating in Nepal. Their journey began in the year 2004 A.D.Ncell Pvt Ltd is a multinational company with its Head Office in Sweden.

There was only one major telecom operator at the time, Nepal Telecom or now famous as Ncell. Ncell provides a wider range of data package schemes with which you can get access to the various services in a better price. As the speed score of Ncell is also highest in Nepal that is 17.16.

Ncell provides a self-service app which is relied upon by a majority of users. By installing the Ncell app, customers can recharge their account, check balance information, and purchase data/voice packs. The app can be also used to send 10 free SMS messages daily; however, data charges may apply if the app is used outside of Nepal.

Spice Nepal was renamed Ncell on 12 March 2010 as part of the acquisition and TeliaSonera invested approximately 1 billion dollars in improvement and coverage of the network.

Ncell has been working in the field of providing telecommunication and is also Nepal’s first private mobile operator, Spice Nepal Private Limited, was founded in 2004 that is 19 years ago. The company introduced its commercial services as Mero Mobile on 17 September 2005 in Kathmandu.

Ncell builds best-in-class networks and brings communication services to people living in the most remote areas of Nepal. Ncell is currently serving 16.3 million subscribers.

Ncell, a prominent player in the Nepali telecommunication sector, justifies the exit by highlighting a lack of business expansion and a decline in revenue. In 2023, the company reported a turnover of 37.44 arba rupees, a decrease from 39.72 arba rupees in 2022.

I will be focusing on working with the Ncell team to deliver a step-up in business performance and contribute towards the digital enhancement of Nepal in-line with Axiata Group’s broader vision of Advancing Asia and commitment to improving the lives of Nepalese,” said Jabbor Kayumov, CEO & MD of Ncell.

But recently, Ncell has faced a massive downfall and had two options either to shut down the business or to sell it. So, it chose the second option and sold it to a British Firm SpectraLite UK for around 6.5 Arab (6,500,000,000 millon rupees) and took over 80% of the Ncell Stake.

British firm SpectraLite UK — registered merely three months ago — is reported to have acquired the majority stake from Axiata. Satishlal Acharya, owner of SpectraLite, and also associated with Sunivera Capital Ventures Pvt Ltd, currently holding a 20% Ncell stake, further highlights the complexity of the deal.2 days ago

Satishlal Acharya, owner of SpectraLite, and also associated with Sunivera Capital Ventures Pvt Ltd, currently holding a 20% Ncell stake, further highlights the complexity of the deal.

Meanwhile, reliable sources said that Prime Minister Pushpa Kamal Dahal Prachanda’s visit to Dubai and the sale of shares by a Malaysian company is not just a coincidence. In the past too, he had reportedly evaded taxes on a large scale.

It is suggested that strategies involving the reduction of Ncell’s share price were employed for successful tax evasion.

In a formal communication, the Authority has issued a reminder to Ncell, emphasizing that any transactions involving the purchase or sale of more than 5 percent of shares must receive official approval before proceeding.

For this, sources said that the telecom “mafia” is currently in Dubai. Notably, this move is believed to be orchestrated in part by Prime Minister Dahal, who is currently in Dubai, where the shares of the Malaysian company were sold.

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