Indian tower and telecom infrastructure company GTL Ltd. is close to an agreement with Qualcomm Inc. of the U.S. to take an up to 26% stake in the latter's proposed broadband wireless access services company, the Business Standard reported on its website Monday, without citing direct sources.
The deal is subject to Qualcomm being awarded a pan-India license or a license in some of the 22 circles in the ongoing auction for broadband wireless access spectrum, the website said.
Foreign companies can invest up to 74% in telecom services, but have been allowed to submit bids without already having an Indian partner, the website said. Sources close to the deal say Qualcomm could also look for another Indian investor if it wins the bid.
Spokespeople for GTL and Qualcomm declined to comment, the website said.
Source: Total Telecom