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Bharti Airtel acquires 100 per cent in Qualcomm's India venture

Wireless Business Services has spectrum that can be used for high-speed 4G services in New Delhi, Mumbai, Haryana and Kerala. Airtel has the similar spectrum in Punjab, Maharashtra, Kolkata and Karnataka.

twitter-logo PTI   New Delhi     Last Updated: October 18, 2013  | 16:02 IST
Airtel acquires 100% in Qualcomm-founded 4G company
PHOTO: Reuters

Bharti Airtel has acquired a 100 per cent stake in Wireless Business Services (WBSPL), a company founded by US chipmaker Qualcomm.

The company had acquired a 49 per cent stake in WBSPL in May 2012 for $165 million.

At that price, the additional stake purchase would have cost Airtel an estimated $165 million, or Rs 1,008.1 crore at Friday's exchange rate. However, the company did not disclose the financial details of the deal.

Airtel raised its stake in the company to 51 per cent in July this year.

In a statement, Airtel said it has "completed the acquisition of 100 per cent equity shares of Wireless Business Services Private Limited, which holds BWA Spectrum in the Indian telecom circles of Mumbai, Delhi, Haryana and Kerala".

WBSPL has spectrum that can be used for high-speed 4G services in New Delhi, Mumbai, Haryana and Kerala. Airtel has the similar spectrum in Punjab, Maharashtra, Kolkata and Karnataka.

Airtel has already launched 4G services in Bangalore, Pune, Kolkata, Chandigarh, Mohali and Panchkula.

Shares of Airtel were trading at Rs 353.80, up by 1.46 per cent, in the afternoon session at BSE.

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