'Qualcomm close to pact with GTL, Tulip'
27-07-2010
Each could take 13% stake in Qualcomm BWA venture
India's Global Group - holding company of GTL Ltd and GTL Infrastructure Ltd - and Tulip Telecom Ltd. are likely to announce Friday a tie-up with U.S.-based Qualcomm Inc.to offer broadband wireless services in the country, two people familiar with the situation told Dow Jones reporters
The U.S. firm is reportedly in talks with the Global Group and and Tulip Telecom to sell them a 13% stake each for about $50 million each in the venture. GTL Ltd. and GTL Infrastructure both provide infrastructure to telecom companies, while Tulip Telecom is a provider of networking services to companies and governments.
Qualcomm, a U.S. mobile phone chip maker, recently won bandwidth to offer broadband wireless in four service areas of Delhi, Mumbai, Kerala and Haryana at a cost of more than $1 billion. It is developing TD-LTE technology for the venture
The company had said earlier that it would set up a venture in which it will offer an upto-26% stake to one or more local partners, and plans to exit the venture after creating an LTE network to roll out broadband wireless access services.
Though the Indian government allowed foreign firms to bid for spectrum, they can offer services only through an Indian registered firm, in which the foreign firm cannot own more than 74%. On June 11, Qualcomm India and South Asia President Kanwalinder Singh said at a news conference in Delhi that the company plans to announce its new partner or partners within a month.
India's Global Group - holding company of GTL Ltd and GTL Infrastructure Ltd - and Tulip Telecom Ltd. are likely to announce Friday a tie-up with U.S.-based Qualcomm Inc.to offer broadband wireless services in the country, two people familiar with the situation told Dow Jones reporters
The U.S. firm is reportedly in talks with the Global Group and and Tulip Telecom to sell them a 13% stake each for about $50 million each in the venture. GTL Ltd. and GTL Infrastructure both provide infrastructure to telecom companies, while Tulip Telecom is a provider of networking services to companies and governments.
Qualcomm, a U.S. mobile phone chip maker, recently won bandwidth to offer broadband wireless in four service areas of Delhi, Mumbai, Kerala and Haryana at a cost of more than $1 billion. It is developing TD-LTE technology for the venture
The company had said earlier that it would set up a venture in which it will offer an upto-26% stake to one or more local partners, and plans to exit the venture after creating an LTE network to roll out broadband wireless access services.
Though the Indian government allowed foreign firms to bid for spectrum, they can offer services only through an Indian registered firm, in which the foreign firm cannot own more than 74%. On June 11, Qualcomm India and South Asia President Kanwalinder Singh said at a news conference in Delhi that the company plans to announce its new partner or partners within a month.
