Bharti Airtel on Friday announced the closure of its agreement with Reliance Jio Infocomm to transfer 'right to use' of Airtel's 800 MHz spectrum in three circles to Jio.
Airtel has received Rs 1,004.8 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 relating to the spectrum.
In April, Jio had entered into a definitive agreement with Bharti Airtel for acquisition of 'right to use' spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading.
The agreement is in accordance with spectrum trading guidelines issued by the Department of Telecommunications.
With this trading of 'right to use' spectrum, Jio will have 2X15MHz of spectrum in the 800MHz band in Mumbai circle and 2X10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles, thereby further consolidating its spectrum footprint in these circles.
(With ANI inputs)
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