Airtel announces Spectrum Trading Agreement with Jio
Airtel today announced an agreement with Jio to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh, Delhi and Mumbai to Jio.
New Delhi: Bharti Airtel (Airtel) today announced an agreement with Reliance Jio lnfocomm (Jio) to transfer 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. The agreement is subject to statutory approvals.
Through this agreement, Airtel will receive a consideration of Rs 1037.6 crores from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crores relating to the spectrum.
Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said: "The sale of the 800 MHz' blocks in these three circles has enabled us to unlock value from a spectrum that was utilised. This is aligned to our overall network strategy."
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
