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Bharti Airtel raises stake in Qualcomm's India venture, stock surges

New Delhi: Bharti Airtel Ltd, India's largest telecommunications carrier, has raised its stake to 51 percent in a wireless broadband venture founded by Qualcomm Inc., the Indian company said on Thursday.

On May 24, 2012, Bharti Airtel and Qualcomm had announced an agreement under whichBharti had acquired 49 per centinterest in Qualcomm AP's India entities with licences to offer 4G data services in four circles of Delhi, Mumbai, Haryana and Kerala.

Reuters

Reuters

However, the company did not say how much it paid for the additional 2 percent stake.

Bharti Airtel said the four separate entities that are part of the broadband venture have become its subsidiaries after the stake increase.

At 2.36 pm, stocks of Bharti Airtel were up 301.006.75, up 2.29 percent.

With inputs from Reuters