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The aggregate value for the right to use this spectrum is Rs 1,497 crores, said Reliance Jio
Mukesh Ambani-led Reliance Jio Infocomm announced on Tuesday, April 6, that it has entered into an agreement with Bharti Airtel Limited for acquiring the right to use spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading. This means that Bharti Airtel has transferred the ‘right to use’ of its 800 MHz spectrum in three circles, viz, Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz), and Mumbai (2.50 MHz) to Reliance Jio. (Also Read: Spectrum Auction Concludes With ₹ 77,815 Crore Bids, Reliance Jio Emerges Top Buyer )
According to a statement released by Reliance Jio, the aggregate value for the right to use this spectrum is Rs 1,497 crores, which includes the present value of an associated deferred payment liability of Rs 459 crores, subject to any transaction-related adjustments.
Post the agreement, Reliance Jio will have 2X15MHz of spectrum in the 800MHz band in the Mumbai circle, 2X10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles. The transaction is subject to statutory and regulatory approvals.
Meanwhile, in the Spectrum Auction 2021, Reliance Jio emerged as the top buyer and cornered more than half of the telecom spectrum auctioned by the government, offering around Rs 57,123 crore to consolidate its holding. Telecom giant Bharti Airtel bid Rs 18,699 crore to pick up 355.45 megahertz (MHz) out of the 855.60 MHz of radiofrequency, giving it the ‘most formidable’ spectrum holding across the country.
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