Mobile phone maker Sony Ericsson is in talks to acquire India’s Spice Mobile, the Economic Times said on Friday, citing sources close to the development. Sony Ericsson is owned by Ericsson and Sony Corp.

Spice’s founding BK Modi Group, which owns 64 percent in handset maker Spice Mobile, had asked for 80-100 rupees per share, the newspaper said, which would value the company at up to $174 million.

Shares in Spice Mobile jumped nearly 10 percent to 24.95 rupees on Friday. A top source in Spice group had confirmed the development and said “while talks were on, the deal had not been finalised”, the paper said.

“They want to acquire a majority stake, but it has not yet been finalised if it will be a 100 percent buyout,” the paper cited the source as saying.

A spokesman for the Spice group said he could not immediately comment.

Source: Reuters