Bharti Airtel unaffected by Qualcomm deal: S&P ?
'The investment in Qualcomm India BWA provides Bharti with access to spectrum for providing broadband wireless services in Kerala, Haryana, and the key markets of Mumbai and Delhi' said S&P.
Standard & Poor's Ratings Services said today that its long-term corporate credit rating on Bharti Airtel Ltd. (BB+/Stable/--) is unaffected by the company's US$165 million investment for a 49% stake in Qualcomm India BWA, the India broadband wireless business of Qualcomm Inc.
"We believe the current investment is small in size and that Bharti should be able to absorb the financial impact of paying for the remaining stake and of assuming debt at Qualcomm India BWA. We estimate the additional impact to be between US$900 million and US$1 billion. This is assuming that Bharti will gain full ownership of Qualcomm India BWA in phases by the end of 2014." said Standard and poor.
The investment in Qualcomm BWA provides Bharti with access to spectrum for providing broadband wireless services in Kerala, Haryana, and the key markets of Mumbai and Delhi.
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Even though the NSE, as well as the BSE, extended trading hours till 5 pm Wednesday, the overall volumes could not touch the usual averages
Bids were received in the 800 MHz, 900 MHz, 1800 MHz, 2100 MHz and 2300 MHz bands but there were no takers for the airwaves in the premium 700 and 2500 MHz bands