Bharti Airtel on Friday announced the closure 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 1,004.8 crore (net of tax) from Jio for the proposed transfer, said a statement from Airtel.
In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum.
In April, Airtel had announced the agreement with Reliance Jio Infocomm 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.
Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel, had said in April: “The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from spectrum that was unutilised. This is aligned to our overall network strategy.”
The shares of Bharti Airtel on the BSE were trading at Rs 637.05, higher by Rs 13.80 or 2.21 per cent from its previous close.
