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Tulip to exit Qualcomm broadband venture with co

Tulip to exit Qualcomm broadband venture with co
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First Published: Mon, Feb 14 2011. 06 20 PM IST
Updated: Mon, Feb 14 2011. 06 20 PM IST
New Delhi: Tulip Telecom a corporate data services provider, will sell the entire 13% stake it holds in Qualcomm’s India broadband venture when the latter decides to sell, its chief executive said.
“As and when Qualcomm’s efforts for a partner succeed and they sell, we would go along with it,” Sanjay Jain said in an interview.
US chipmaker Qualcomm, which sold 26% stake in its India broadband venture to Indian firms Global Holdings and Tulip Telecom for about $58 million in 2010, is looking to exit the business, The Hindu Business Line reported in November quoting Paul Jacobs, chief executive.
Qualcomm had spent about $1 billion to buy wireless airwaves in Mumbai, New Delhi, Haryana and Kerala circles in an auction earlier in 2010.
Jain also said Tulip has appointed Nomura Capital as investment banker to raise Rs 250 crore and the information memorandum will be launched in two weeks.
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First Published: Mon, Feb 14 2011. 06 20 PM IST