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Bharti Airtel bought Majority Stake in Qualcomm's India Unit

Jul 4, 2013 17:45 IST

Bharti Airtel Ltd. on 4 July 2013 became the majority shareholder in the Indian broadband units of Qualcomm Inc. Qualcomm in 2010 had won bandwidth to offer high speed wireless broadband services in Delhi and Mumbai, Haryana and Kerala. It had paid an amount of more than 1 billion US dollars to secure the spectrum and licenses.

Qualcomm formed four separate joint ventures for each of those areas, and retained a 74 percent stake in each venture, whereas India's Global Holding Corporation Pvt. Ltd. and Tulip Telecom Ltd. took 13 percent each in them.
 With the new development in place, all four companies held by Qualcomm will now become the Bharti Airtel’s units. Bharti Airtel now owns 51percent in each of those four companies.

In May 2012, Qualcomm had sold a 49 percent stake in the four companies to Bharti. Bharti Airtel already has licenses to offer broadband wireless in four service areas namely Karnataka, Punjab and Maharashtra and Kolkata and the company has launched services in some of those areas.

Bharti Airtel is India’s largest company. It is based in New Delhi. Qaulcomm is based in San Diego, California. It is the world leader in next-generation mobile technologies.  It was established in July 1985.

Is this article important for exams ? Yes44 People Agreed
Read more Current Affairs on: Bharti Airtel , Qualcomm , Telecom

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