Bharti Airtel Gets Hold Of 49% Stake In Qualcomm India broadband

Bharti Airtel Gets Hold Of 49% Stake In Qualcomm India broadbandWith the effort to lead 4G data services, India's biggest telecommunication operator Bharti Airtel has inked a deal to get hold of 49 per cent equity stake in Qualcomm Asia Pacific's BWA biz in the Indian market for around $165 million (Rs 922 crore).

As per the contract, Airtel will get permissions to provide 4G data services in four different circles that consists of Delhi, Mumbai, Haryana and Kerala.

US- based Qualcomm had pocketed the BWA spectrum in Delhi, Mumbai, Haryana and Kerala via an auction during June 2010 and made payment of Rs 4,912.54 crore.

As per the agreement, once commercial processes get introduced, subject to certain rules & regulations, Bharti Airtel will assume full ownership and financial responsibility for BWA entities by 2014 end.

Airtel chairman and managing director Sunil Bharti Mittal stated, "With a broadband-ready network across India, Airtel is well positioned to lead the next phase of Indian's telecom revolution."

Airtel already has BWA authorizations in four different circles comprising Punjab, Maharashtra, Kolkata and Karnataka.

The telecom operator has already lainched 4G services in Kolkata and Bangalore.