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Qualcomm has sold a 26% stake in its Indian wireless broadband venture to Global Holdings and Tulip Telecom. The two Indian companies reportedly paid $58 million for the stake with the idea to get into the upcoming TD-LTE action in the fast-growing Indian market.
Global Holdings, which BTW owns telecoms infrastructure firms GTL Ltd and GTL Infra, and communications services provider Tulip Telecom both grabbed 13% of the venture, leaving Qualcomm with 74% stake, which is the most a foreign firm can own in India.
After the deal is closed, the new India-registered venture will have an enterprise value of $1.11 billion, with $222 million as equity and $888 million as debt.
As you may know (we talked about it previously), Qualcomm won one slot of 20 MHz TDD broadband wireless access spectrum in the 2.3 GHz band covering the key telecom circles of Delhi, Mumbai, Haryana and Kerala. The plan now is to start building the TD-LTE based network and roll-out services starting in 2011…
[Via: MobileBusinessBriefing]
About The Author
Dusan Belic
Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.
