Qualcomm (NASDAQ:QCOM) may have to give up its wireless broadband wireless licenses it purchased last year for $1.5 billion during India's BWA auction.
According to an unnamed senior official at the Department of Telecom, cited by The Economic Times, Qualcomm didn't submit the required paperwork within the three-month deadline, and if the license is canceled, Qualcomm wouldn't get its $1.05 billion back.
Qualcomm is refuting the report, however, saying it hasn't heard from the government regarding its license. It told the Economic Times that it filed its application in August, well within the deadline required. Qualcomm also said it is waiting for the regulator to grant the company the license.
Qualcomm won four BWA licenses, including the two key markets of Delhi and Mumbai. In July 2010, the company announced Global Holding Corporation and Tulip Telecom as initial shareholders for its India LTE Venture.
- see this article from The Economic Times
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