Airtel raises stake in Qualcomm venture

Our Bureau New Delhi | Updated on July 04, 2013 Published on July 04, 2013
The company has drawn flak on social media for violating the concept of net neutrality.

In May 2012, Bharti Airtel and Qualcomm had announced an agreement under which Bharti had acquired 49 per cent interest in Qualcomm AP’s India entities.

Bharti Airtel has raised its stake in Qualcomm AP’s Indian broadband wireless access (BWA) entities to 51 per cent by acquiring an additional two per cent stake.

However, the financial terms for the additional stake were not disclosed.

With this acquisition, all the four Qualcomm entities – that hold BWA spectrum - have now become subsidiaries of the Indian company, it said in statement.

On May 24, Bharti Airtel had acquired a 49 per cent stake in Qualcomm AP’s India entities that held licences to offer 4G services in Delhi, Mumbai, Haryana and Kerala.

Bharti Airtel acquired a 26 per cent stake held by two Indian partners - Global Holding Corporation and Tulip Telecom - and the remaining by subscribing to fresh equity.

At present, the GSM operator is providing 4G services in four circles (Kolkata, Maharashtra, Punjab and Karnataka) where it had spectrum during the 2010 auctions.

Qualcomm, the US-based chipmaker, had also won 4G spectrum during the auctions three years ago.

Bharti Airtel’s shares closed higher by 2.38 per cent at Rs 301.25 on the BSE, after the announcement.

Published on July 04, 2013
This article is closed for comments.
Please Email the Editor