Bharti Airtel Limited To Buy 49% In Qualcomm India Broadband Venture-Reuters

Reuters reported that Bharti Airtel Limited agreed to buy a 49% stake in Qualcomm Inc's (QCOM.O) fourth-generation (4G) broadband venture in the country for $165 million. Bharti will buy a 26% stake held by two Indian partners in the Qualcomm broadband venture and the remaining by subscribing to fresh equity, the Company said in statement. As part of the agreement, Bharti will buy the remaining 51% stake in the broadband venture by 2014, and Qualcomm will exit the venture but will continue to provide technology services, said a source with knowledge of the situation. The acquisition will give Bharti access to four telecoms zones, including the lucrative Delhi and Mumbai cities, where it does not have its own 4G airwaves.