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Qualcomm India unit to sell stake for $64 mln-srcs
MUMBAI, July 29 |
MUMBAI, July 29 (Reuters) - The Indian broadband unit of cellphone chip maker Qualcomm (QCOM.O) plans to sell a 26 percent stake to two Indian companies for about 3 billion rupees ($64 million), two sources with direct knowledge of the matter said. Global Holdings, which owns telecoms infrastructure firms GTL Ltd (GTL.BO) and GTL Infra (GTLI.BO), and communications services provider Tulip Telecom (TULP.BO) will buy 13 percent each in the newly formed Qualcomm's local unit, the sources told Reuters.
The sources declined to be named as they were not authorised to speak to the media ahead of an official announcement expected on Friday.
Spokesmen at Tulip Telecom and GTL group declined to comment when reached by Reuters.
Qualcomm will announce local partners for selling a stake in its India broadband unit on Friday, Kanwalinder Singh, president for Qualcomm's Indian and South Asian operations, said on Thursday. [ID:nBMA008122]
Qualcomm recently formed the India unit after its $1-billion purchase of wireless airwaves. The company is betting that ownership of the airwaves in India will boost sales of advanced cell phones and the chips that power them. [ID:nSGE65F029] ($1=46.7 rupees) (Reporting by Rajesh Kurup and Indulal P.M.; Editing by Ranjit Gangadharan)
