Qualcomm to sell stake to Tulip
2010-06-20Qualcomm, which has bagged spectrum for offering broadband wireless access services in a few circles, is said to have finalized a deal for selling stake to telecom networking firm Tulip.
According to sources, the deal could be signed next week. The US-based Qualcomm will have to form a joint venture with a local company with a minimum 26% stake in order to be able to offer broadband services.
When contacted Kanwalinder Singh, president of Qualcomm, India and South Asia, said, "We cannot comment on our partner strategy and related details at this point". Last week Singh had said the company will soon announce its new partner(s) within a month.
The Bombay Stock Exchange-listed Tulip has a market cap of Rs 2,507.92 crore. Sources said Global Group of India, which is the holding company of telecom infrastructure company GTL and GTL Infrastructure, could also be roped in as an investor.
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