Bharti Airtel To Buy 49% Of Qualcomm's India Broadband Wireless Access Units
05/24/2012| 06:34am US/Eastern
Bharti Airtel Ltd. (532454.BY) said Thursday it will pay about $165 million to buy a 49% stake in the Indian broadband wireless access units of Qualcomm Inc.'s (QCOM) as part of its efforts to roll out fourth-generation services across the country.
India's largest mobile services company by revenue will fully own the units by the end of 2014 once commercial operations are launched and subject to certain terms and conditions, a joint press release said.
It didn't elaborate on the terms and conditions for Bharti to take full control of the units.
Bharti already has licenses to offer broadband wireless access in four of India's 22 service areas--Kolkata, Karnataka, Punjab and Maharashtra. The deal will help the New Delhi-based company add licenses in Delhi, Mumbai, Haryana and Kerala, the press release added.
-By Kenan Machado, Dow Jones Newswires; +91 22 6145 6107; firstname.lastname@example.org