Qualcomm may partner Tulip Telecom, Global Holdings for BWA venture
30 Jul 2010
Qualcomm, the world's largest fab-less chip supplier, is planning to sell 26 -per cent stake in its broadband unit in India to a yet to named Indian partners for Rs306 crore.
The potential partners are believed to be New Delhi-based Tulip Telecom, a leading enterprise data connectivity service provider and Global Holdings, holding company of telecom infrastructure subsidiaries, GTL and GTL Infra promoted by Manoj Tirodkar.
"We will announce our local partners for selling a 26-per cent stake of our broadband unit tomorrow," Kanwalinder Singh, Qualcomm India and South Asia president told reporters in Delhi, where he was present at the launching of Huawei's Android platform mobile handsets in India, based on Qualcomm's chipsets.
San Diego-based Qualcomm successfully bid for 20 MHz of Broadband Wireless Access (BWA) spectrum in four circles, Delhi, Mumbai, Haryana and Kerala for Rs4912 crore.
Foreign investors are barred from owning a full stake in telecom bventures in India. However, the Indian government allowed Qualcomm to bid for the spectrum auction on the understanding that the company would take in a local partner before launching its service.
Though Qualcomm had recently established its India unit, it is still required cap its investment at 74 per cent.
Although Qualcomm is also a leading global wireless telecommunications provider, it lacks the experience as a broadband service provider.