Airtel increases stake in Qualcomm-founded 4G firm to 93.45 percent

Airtel increases stake in Qualcomm-founded 4G firm to 93.45 percent
Advertisement
Telecom major Bharti Airtel has increased its stake in Wireless Business Services (WBSPL), a company founded by US chipmaker Qualcomm, to 93.45 percent at an estimated cost of about Rs. 875 crore.

"As per the revised equity structure, Bharti Airtel holds 93.45 percent and Qualcomm Asia Pacific holds 6.55 percent equity in the company," sources said, citing a communication from WBSPL to the Department of Telecom.

No immediate comments were received from Airtel, which had earlier said it plans to completely acquire WBSPL by 2014.

WBSPL holds 4G spectrum in four areas, including New Delhi.

Airtel acquired a majority stake in WBSPL in July by increasing its stake to 51 percent from 49 percent.

The company had acquired a 49 percent stake in WBSPL in May 2012 for USD 165 million. At that price, the additional stake purchase would have cost Airtel an estimated USD 143 million, or Rs. 875 crore at today's closing exchange rate.

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

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Nokia Lumia 1020 review
Airtel offers mobile charging, talk time loan service in Phailin-hit areas
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »