News & Analysis » India
Tulip Telecom Signs Pact With Qualcomm Arm
July 30, 2010, Friday, 08:46 GMT | 03:46 EST | 13:16 IST | 15:46 SGT
(RTTNews) - Tulip Telecom on Friday announced a strategic partnership with Wireless Services Pvt. Ltd, a subsidiary of U.S.-based mobile phone chip maker Qualcomm, for a broadband wireless access venture.
Qualcomm is likely to have a 74% stake in the venture, while Tulip and Global Holding Corporation will hold 13% each, in compliance with applicable Indian FDI regulations, the company said. Tulip's investment in this venture will be approximately Rs. 1,400 million.
On the BSE, shares of Tulip Telecom are now trading at Rs. 185.20, up 0.14% on a volume of 1.72 lakh shares.
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