Tulip Telecom Ltd has announced that it has divested its 13% equity stake in Qualcomm Broadband Wireless Access (BWA) venture to Bharti Airtel. Qualcomm had acquired BWA spectrum in the four circles of Delhi, Mumbai, Haryana and Kerala. Tulip had made a financial investment in this venture by taking a 13% equity stake. The company will utilize the proceeds to strengthen its balance sheet and drive growth.
Lt. Col H S Bedi, Chairman and Managing Director, Tulip Telecom, said, “We are glad that Tulip has been a partner of choice to facilitate this transaction which favors the growth and evolution of mobile broadband in India. We wish both Bharti and Qualcomm great success in their venture, as Tulip continues to maintain its focus on its core competencies—Enterprise Data Services, Managed Services and Data Center services.”
