Qualcomm in talks to exit India broadband: Report
US-based mobile chip supplier Qualcomm is looking to sell its wireless broadband business in India for a minimum of 50 billion rupees, the Economic Times reported today.business Updated: Oct 27, 2010 09:44 IST
US-based mobile chip supplier Qualcomm is looking to sell its wireless broadband business in India for a minimum of 50 billion rupees ($1.1 billion), the Economic Times reported on Wednesday.
The company has approached leading Indian mobile phone operators and made presentations to them, offering stake in the four circles where it holds airwaves and permits, the newspaper said citing sources with direct knowledge of the matter.
Qualcomm had spent about $1 billion to buy wireless airwaves in Mumbai, New Delhi, Haryana and Kerala circles in an auction earlier this year.
In July, it agreed to sell 26 per cent stake in its India broadband venture to Indian firms Global Holdings and Tulip Telecom for about $58 million.
Qualcomm has told the potential buyers they would have to give an undertaking to use the airwaves only to offer services in its upcoming Long Term Evolution (LTE) technology, the paper said.
It quoted a Qualcomm official as saying the company would work with operators to develop and commercially deploy the technology before exiting the India venture.