Airtel, Reliance Jio sign spectrum trading deal worth over Rs 1,004 cr
Bharti Airtel on Friday announced the termination of its agreement with Reliance Jio Infocomm to transfer the ‘right to use’ of Airtel’s 800 MHz spectrum in three circles to Jio.
Airtel has received Rs 1,04.8 crore (net of tax) from Jio for the proposed transfer, the company said in a statement. In addition, Jio will assume future liabilities of Rs 469.3 crore related to spectrum.
In April, Jio had entered into a definitive agreement with Bharti Airtel to acquire ‘right to use’ spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading.
This agreement is in accordance with the spectrum trading guidelines issued by the DoT.
With this trading of ‘right to use’ spectrum, Jio will have 2X15MHz spectrum in 800MHz band in Mumbai circle and 2X10MHz spectrum in 800MHz band in Andhra Pradesh and Delhi circles, thereby further strengthening its spectrum footprint in these circles .
(with ANI inputs)
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