Finally the wait is over! Spice has released the Ice-cream sandwich (Android 4.0) for MI-425 on Sept 13, 2012.
As of now, you can get the update from a service center only. It is speculated that after a few days, the update will be available on the internet. If you choose to go to a service center, be prepared for they may keep your phone for a day or two. Backup your data and make sure that the phone is atleast 60% charged before going in for an update. You can check your nearest service center here:-