Reliance Jio Airtel spectrum trading agreement deal value Rs 1497 crore

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Jio inks pact with Airtel for acquisition of a few spectrum; deal worth at Rs 1,497 crore

Reliance Jio on Tuesday stated it has signed an settlement with Bharti Airtel for the purchase of a few spectrum in 800 MHz band in Andhra Pradesh, Delhi and Mumbai circles at an combination deal worth of about Rs 1,497 crore. Through this settlement, Airtel will obtain a attention of Rs 1,037.6 crore from Jio for the proposed switch. In addition, Jio will think long term liabilities of Rs 459 crore with regards to the spectrum, Bharti Airtel stated in a separate remark.

“Bharti Airtel lately introduced an settlement with Reliance Jio Infocomm to switch the ‘Right to Use’ of Airtel’s 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio,” Airtel stated. The settlement is matter to statutory nod. 

Gopal Vittal, MD and CEO (India and South Asia), Bharti Airtel, stated: “The sale of the 800 MHz blocks in those 3 circles has enabled us to unencumber worth from the spectrum that was once unutilised. This is aligned to our total community technique”.

With the improved spectrum footprint, particularly contiguous spectrum, and awesome infrastructure deployed, RJIL has additional higher its community capability, Jio stated.

“With this buying and selling of proper to make use of spectrum, RJIL could have 2X15 MHz of spectrum within the 800 MHz band in Mumbai circle and 2X10 MHz of spectrum within the 800 MHz band in Andhra Pradesh and Delhi circles, thereby additional consolidating its spectrum footprint in those circles,” Jio added. 

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