Qualcomm Bids $1B to Win Broadband Wireless Spectrum in India
San Diego-based Qualcomm (NASDAQ:QCOM) says it submitted the winning bid in an auction for India’s broadband wireless access (BWA)—spectrum in the 2.3 gigahertz (GHz) band. In a statement today, the wireless technologies giant said it is the provisional winner of the 20 megahertz (MHz) slot in the telecom circles of four cities—Mumbai, Delhi, Haryan, and Kerala—after bidding slightly more than $1 billion.
Qualcomm, which was among 12 bidders for broadband spectrum in India, says it anticipates the Indian Government will quickly approve the auction results. To comply with India’s regulations for direct foreign investments, Qualcomm says it will soon name the Indian companies it is partnering with in its plans to build wireless broadband networks in the four cities.
Qualcomm and its partners plan to demonstrate Qualcomm’s LTE technology with the goal of creating a network that will support 3G networks and devices to support India’s broadband goals. Sometime after building these networks, Qualcomm says it plans to “exit the venture,” which presumably means the company plans to sell its stake.
In Qualcomm’s statement, CEO Paul Jacobs says, “Qualcomm innovations helped trigger the wireless revolution in India by making mobile communications affordable and accessible.”