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Qualcomm seeks OK for Indian investments
18 August 2010
Qualcomm is seeking Indian government approval for new wireless companies in which it is investing $164m
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Qualcomm
India
broadband wireless
wireless internet
Wireless Broadband Services
A joint venture between Qualcomm and two Indian companies, Global Holding and Tulip Telecom, is seeking permission from the Indian government to make investments.
Qualcomm is planning to invest $164 million, with the Indian companies investing $28 million each. The company will apply for an internet service provider licence after getting approval.
The venture, in which the Indian companies hold 13% each and the rest is held by the Qualcomm, is seeking to create three companies through the joint venture for four service areas.
The new companies are Wireless Broadband Services (Haryana), Wireless Broadband Services (Delhi) and Wireless Broadband Services (Kerala), all of which also require the government’s approval for the US company’s investments in them.
The Indian government has already permitted foreign companies to bid for frequency licences and offer services through Indian registered firms, in which the foreign firm cannot own more than 74%. It has also allowed foreign investments of up to 49% in a venture. GTB