Reliance Jio on Tuesday mentioned it has signed an settlement with Bharti Airtel for the acquisition of some spectrum in 800 MHz band in Andhra Pradesh, Delhi and Mumbai circles at an combination deal worth of about ₹1,497 crore.
By means of this settlement, Airtel will obtain a consideration of ₹1,037.6 crore from Jio for the proposed switch. As well as, Jio will assume future liabilities of ₹459 crore referring to the spectrum, Bharti Airtel mentioned in a separate assertion.
“Bharti Airtel as we speak introduced an settlement with Reliance Jio Infocomm to switch the ‘Proper 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 mentioned.
The settlement is topic to statutory nod.
Gopal Vittal, MD and CEO (India and South Asia), Bharti Airtel, mentioned: “The sale of the 800 MHz blocks in these three circles has enabled us to unlock worth from the spectrum that was unutilised. That is aligned to our general community technique”.
With the improved spectrum footprint, particularly contiguous spectrum, and superior infrastructure deployed, RJIL has additional elevated its community capability, Jio mentioned.
“With this buying and selling of proper to make use of spectrum, RJIL may 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 these circles,” Jio added.