Airtel | Jio Airtel, Jio complete Rs 1,008 cr spectrum trading deal
Mumbai/IBNS: Telecommunications major Bharti Airtel has completed the trading deal to sell 800 Mhz airwaves in three circles to Reliance Jio Infocomm (Jio), according to media reports.
This is the first-ever deal between the two telecom rivals that transfers the ‘Right to Use' of Airtel's 800 MHz spectrum to Jio in Andhra Pradesh, Delhi, and Mumbai circles.
Bharti Airtel has received Rs 1,004.8 crore (net of tax) from Reliance Jio for the proposed transfer and Jio will also assume the future liabilities of Rs 469.3 crore relating to the spectrum, reported NDTV.
A definitive deal was signed between Jio, the biggest telecom operator in the country by subscriber base, and Airtel- the second largest, earlier this year.
According to the deal, Airtel offered to sell 3.75 Mhz of bandwidth in Andhra Pradesh, 1.25 Mhz in Delhi, and 2.5 Mhz in Mumbai, subject to regulatory and statutory approvals, the report said.
“The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from spectrum that was unutilised. This is aligned to our overall network strategy,'' said Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel in April 2021.
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