Airtel will receive a consideration of INR 1037.6 crore from Jio for the proposed transfer.
Bharti Airtel (“Airtel”) announced an agreement with Reliance Jio Infocomm (“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.
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 spectrum that was unutilised. This is aligned to our overall network strategy.”
Through this agreement, Airtel will receive a consideration of INR 1037.6 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of INR 459 crore relating to the spectrum.