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Bharti to buy 49% in Qualcomm India broadband venture

The size of the venture is Rs 921 crore

Reuters  |  Mumbai 

Bharti Airtel, India's biggest mobile phone carrier, said on Thursday it had signed a pact to buy a 49% stake in Inc's fourth-generation (4G) broadband venture in the country for Rs 921 crore

Bharti will buy a 26% stake held by two Indian partners in the broadband venture and the remaining by subscribing to fresh equity, the company said in statement, sending its shares up as much 6.9%.

Qualcomm, which spent nearly Rs 5,587 crore ($1 billion) to buy 4G airwaves in a 2010 auction, had sold a total 26% stake to Global Holding Corp and for about Rs 324 crore ($58 million) to comply with the sector's foreign holding rules.

First Published: Thu, May 24 2012. 15:47 IST