Bharti to buy 49% in Qualcomm India broadband venture

The size of the venture is Rs 921 crore

Bharti Airtel, India's biggest mobile phone carrier, said on Thursday it had signed a pact to buy a 49% stake in Qualcomm 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 Qualcomm 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 Tulip Telecom for about Rs 324 crore ($58 million) to comply with the sector's foreign holding rules.