US-based mobile chip maker Qualcomm today sold 26 per cent stake in its Indian broadband unit to Tulip Telecom and Global Holdings for USD 57.72 million (about Rs 268 crore).
Telecom networking firm Tulip Telecom and Global Holdings, owners of telecom infrastructure firms GTL Ltd and GTL Infra, have bought 13 per cent each for a combined value of USD 57.72 million (about Rs 268 crore).
Qualcomm now holds 74 per cent in the yet-to-be named unit and has sold the stake to conform with FDI rules under which telecom companies in the country should have a minimum of 26 per cent Indian holding.
The company plans to sell more of its stake in the unit, and will eventually exit the broadband venture.
“The (unit's) enterprise value is about USD 1.11 billion and the equity portion is USD 222 million, while the remaining USD 888 million is debt,” Qualcomm India and South Asia President Kanwalinder Singh told reporters here.
Source: Indian Express