Tulip Telecom to exit Qualcomm’s India broadband venture

Tulip Telecom plans to sell the entire 13 per cent stake it holds in Qualcomm’s India broadband venture when the latter decides to sell, according to news reports.

Qualcomm, which sold 26 per cent stake in its India broadband venture to Indian firms Global Holdings and Tulip Telecom for about $58 million in 2010, is looking to exit the business.

Qualcomm had spent about $1 billion to buy wireless airwaves in Mumbai, New Delhi, Haryana and Kerala circles in an auction held in early 2010.

It is also believed that Tulip has appointed Nomura Capital as its investment banker to raise funding and the information memorandum will be launched in two weeks.