Indian mobile carrier, Bharti Airtel has acquired 49 percent stake in Qualcomm’s Indian broadband wireless access (BWA) business for INR 922 crore (about $165 million). The deal agreement states that Bharti Airtel on making an initial investment of about $165 million holds 49% stake in Qualcomm BWA that holds licenses in Delhi, Mumbai, Haryana and Kerala.
Bharti Airtel Chairman and Managing Director Sunil Bharti Mittal said, “This partnership will combine the strength of Bharti’s national telecom footprint and Qualcomm’s technological leadership in the LTE TDD space. With a broadband ready network across India, Bharti is well positioned to lead the next phase of Indian’s telecom revolution.”
Bharti Airtel already has BWA licenses in four circles – Punjab, Maharashtra, Kolkata and Karnataka. The statement said, “The agreement contemplates that once commercial operations are launched, subject to certain terms and conditions, Bharti would assume complete ownership and financial responsibility for the BWA entities by the end of 2014.”