Thursday, July 29, 2010

Qualcomm Names Two Investors in India LTE Venture

Qualcomm, which won Broadband Wireless Access (BWA) spectrum in four telecom circles in India in the government auction earlier this year, announced the first two shareholders for its India LTE venture: Global Holding Corporation Pvt. Ltd. and Tulip Telecom Ltd. In the recently concluded BWA auction, Qualcomm won one slot of 20 MHz TDD spectrum in the 2.3 GHz band covering the key telecom circles of Delhi, Mumbai, Haryana and Kerala.

Qualcomm will have a 74 percent stake in the venture, while Global Holding Corporation and Tulip Telecom will hold 13 percent each, as required by applicable Indian Foreign Direct Investment regulations. Qualcomm said its objective is to facilitate the deployment of LTE while ensuring interworking with current and upcoming 3G HSPA and EV-DO networks.

Global Holding Corporation is the holding company of the Global Group, which provides network services to India's mobile operators and owns India's largest independent and neutral telecom tower infrastructure.

Tulip Telecom is India's largest enterprise data connectivity service provider and has significant experience in creating and managing large networks across industry verticals, such as telecom, banking, financial services and insurance (BFSI), retail, education, health care and government.

"Our objective was to secure initial shareholders who are operator-neutral, yet bring strong telecom and broadband experience, and we are extremely pleased we met that objective with Global Holding Corporation and Tulip Telecom," said Kanwalinder Singh, president of Qualcomm India and South Asia and senior vice president of Qualcomm. "With our initial shareholders, and operators we intend to bring into the venture in the future, Qualcomm will facilitate accelerated deployment of LTE in concert with 3G HSPA and EV-DO networks, which protects and enhances the significant investment made by Indian operators in securing 3G and BWA spectrum."