Bharti Airtel is trading higher by 2% at Rs 303, extending its previous day’s 6% rally, on acquisition of 49% stake in US telecom major Qualcomm Inc’s fourth-generation (4G) broadband venture in the country for $165 million (Rs 907 crore).
“Bharti Airtel will buy a 26% stake held by two Indian partners in the Qualcomm broadband venture and the remaining by subscribing to fresh equity,” the country’s largest mobile operator said in statement.
With this agreement, Bharti has secured a nation-wide broadband leadership through a combination of 4G and 3G, with its own networks in 18 circles. The deal will give Bharti access to four telecoms zones, including the lucrative Delhi and Mumbai cities, where it does not have its own 4G airwaves.
A combined 52,000 shares have changed hands on the counter in opening deals on both the exchanges.