Qualcomm, the US technology group which formed a joint venture with two Indian companies, is awaiting approval from the Indian government to make investments in the country, according to Global Telecom Business.
The report explains that Qualcomm will…
Qualcomm, the US technology group which formed a joint venture with two Indian companies, is awaiting approval from the Indian government to make investments in the country, according to Global Telecom Business.
The report explains that Qualcomm will invest US$164m, while Global Holding and Tulip Telecom will put US$28m each. The JV is expected to apply for an internet service provider licence and to invest in three companies covering Haryana, Delhi and Kerala following the approval.
Qualcomm holds 74% of the JV, with the two Indian companies holding 13% each. The Indian government has allowed foreign firms to bid for spectrum licences, but they can only offer services through an Indian business, in which the foreign company cannot own more than 74%.
Qualcomm was not available for comment.
