On 30 July 2010 Qualcomm, US-based mobile chip maker sold 26 per cent stake in its Indian broadband unit to Tulip Telecom and Global Holdings for $57.72 million. Telecom networking firm Tulip Telecom and Global Holdings which is the owner of GTL Ltd and GTL Infra, bought 13 per cent each for a combined value of $57.72 million. Qualcomm currently holds 74 per cent stake in joint venture which is yet to be named. The stakes were sold to conform with FDI rules under which maintains telecom companies in the country should have a minimum of 26 per cent Indian holding.
Qualcomm Sold Stake to Tulip and Global Holdings
By Jagranjosh
Mar 15, 2011, 01:55 IST
On 30 July 2010 Qualcomm, US-based mobile chip maker sold 26 per cent stake in its Indian broadband unit to Tulip Telecom and Global Holdings for $57.72 million. Telecom networking firm Tulip Telecom and Global Holdings which is the owner of GTL Ltd and GTL Infra, bought 13 per cent each for a combined value of $57.72 million.
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