Enterprise data services provider Tulip Telecom Ltd. said it had divested its 13 percent equity stake in Qualcomm Broadband Wireless Access or BWA venture to Bharti Airtel for undiscosed sum.
Qualcomm had acquired BWA spectrum in the four circles of Delhi, Mumbai, Haryna and Kerala. Tulip had made a financial investment in this venture by acquiring a 13 percent equity share.
The company said the proceeds would be utilized to strengthen its balance sheet an drive growth.
Speaking on the occasion, Chairman and Managing Director H.S. Bedi said, "We are glad that Tulip has been a partner of choice to facilitate this transaction which favours 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 Service, Managed Services and Data Center Services."
At the BSE, Tulip Telecom closed Thursday's trading at Rs.75.70, up 2.51 percent from the previous close.
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by RTT Staff Writer
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