Qualcomm sales stakes of its Indian broadband unit to Global Holdings and Tulip Telecom

America based wireless company, Qualcomm, is going to sell stakes of its India broadband venture to Global Holdings and Tulip Telecom. On July 30, 2010, Qualcomm announced to sell 26% stakes of its Indian broadband unit for about $54 million. Global Holdings and Tulip would acquire 13% stakes each.

Global Holdings is the owner of telecom infrastructure firms-GTL Ltd. and GTL Infra. Tulip Telecom is a communications service provider.

Qualcomm acquired wireless airwaves in India for $1 billion. The company won spectrum bids in four Indian telecom zones including Delhi and Mumbai. In India, Qualcomm will compete with Mukesh Ambani’s Reliance industries.

Indian telecom industry is one of the fastest growing industries in the world and acquiring airwaves in India would increase sales of advanced cellphones and cell-phone cheaps.

Kanwalinder Singh, President, Qualcomm Indian and South Asian operations, told reporters that his company hopes get broadband spectrum in the next two or three months and would launch its broadband services in 2011.

According to Indian law, Qualcomm’s share in its Indian venture would not surpass 74 percent stake while the rest 26 percent would have to be offered to Indian companies. Qualcomm will invest $164.3 million in its Indian broadband venture.