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Qualcomm sells 26 p.c stake to Global Holding, Tulip

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CIOL Bureau
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NEW DELHI, INDIA: The Indian broadband unit of cellphone chip maker Qualcomm, which recently won bid for Mumbai and Delhi circles in the BWA auction, today said that Global Holdings, which owns telecoms infrastructure firms GTL Ltd and GTL Infra, and communications services provider Tulip Telecom will be its partners in India for meeting the FDI norms in the country.

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While Qualcomm will hold 74 per cent stake in the new joint venture, Global Holdings and Tulip will have 13 per cent stake each. Both these companies will put in nearly Rs. 140 crore ($28.6 million) each, a company executive said while making this announcement today.

Qualcomm, which spent about $1 billion to buy the BWA spectrum in a recent auction, will have an equity investment of nearly $164.3 million in the new venture, said Kanwalinder Singh, president for Qualcomm's Indian and South Asian operations.

Qualcomm said they are expecting to get broadband spectrum in two to three months and the company is planning to launch the broadband services in 2011.

As per regulation, Qualcomm's stake in the Indian broadband venture cannot exceed 74 per cent, and the remaining stake should be owned by Indian companies.

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