Sweden-based Sony Ericsson, the world’s third fourth largest cellphone vendor, is in talks to acquire India-based Spice Mobile, reports the Economic Times. Spice Mobile, a BK Modi company, has a range of GSM and CDMA handsets under the Spice brand. The company had announced asub-$20 phone devoid of a display screen in February at the Mobile World Congress.

Spice Mobile has a market capitalisation of round Rs 177 crore with its shares closing at Rs 22.7 on Thursday on the Bombay Stock Exchange. However, Modi is looking for Rs 80 – 100 per share, which values Spice Mobile at around Rs 700 crore. Modi had last month exited his other telecom entity, Spice Telecom, a carrier operational in two circles of Punjab and Karnataka.

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