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The acquisition would help Bharti Airtel to strengthen its broadband wireless services (4G) in Delhi, Mumbai, Haryana and Kerala as well apart from four circles of its own
New Delhi: Bharti Airtel on Thursday said it has bought 49% stake in Qualcomm Inc's broadband wireless access (BWA) business in India for $165 million (about Rs922 crore), reports PTI.
Under the agreement, Bharti Airtel has made an initial investment of about $165 million to acquire 49% interest in Qualcomm Asia Pacific's India entities that hold BWA licenses in Delhi, Mumbai, Haryana and Kerala, Bharti Airtel said in a statement.
Qualcomm had won spectrum for high-speed data services in the four circles through auction in June, 2010, and paid Rs4,912.54 crore (about $1 billion) for the same.
The present deal has been made partly by way of acquisition of 26% stake held together by Global Holding Corporation and Tulip Telecom and the balance by way of subscription of fresh equity in those entities, the statement said.
"The agreement contemplates that once commercial operations are launched, subject to certain terms and conditions, Bharti would assume complete ownership and financial responsibility for the BWA entities by the end of 2014," the statement said.
Bharti Airtel already has BWA licenses in four circles -- Punjab, Maharashtra, Kolkata and Karnataka and services have already been launched in the latter two.
"This partnership will combine the strength of Bharti's national telecom footprint and Qualcomm's technological leadership in the LTE TDD space. With a broadband ready network across India, Bharti is well positioned to lead the next phase of Indian's telecom revolution," Bharti Airtel Chairman and Managing Director Sunil Bharti Mittal said.
Ashiana sold its 10.92 acre property in Jodhpur and bought 4,154 sq mt plot in Alwar district of Rajasthan
Mumbai: Realty company Ashiana Housing on Thursday said it acquired over 4,154 sqmt of land in Rajasthan to develop a residential project, reports PTI.
The company has bought a 4,154.73 sq mt plot in Alwar district of Rajasthan in an auction conducted by the Urban Improvement Trust in Bhiwadi.
"The land will be utilised to develop a residential project comprising 4/5 BHK apartment with retail units on the ground floor," a company release said.
The total saleable area will be around 1.2 lakh sq ft, it said. Ashiana plans to receive the requisite approvals in the next three months and start development thereafter.
Meanwhile, the company also said it sold its 10.92 acre land in Jodhpur which it had purchased in 2007.
"The company decided to sell the land as the access to the land currently available is not of requisite quality and the possibility of getting better access in the near future is not visible. As the land would have remained undevelopable for the near term, the company envisaged it better to exit the project," the statement said.