Bharti Airtel sells 800 MHz spectrum in three circles to Reliance Jio for Rs 1,037.6 crore

Bharti Airtel and Reliance Jio signed an settlement on Tuesday whereby the previous will switch spectrum in 800 MHz band in Andhra Pradesh, Delhi and Mumbai circles to Jio for Rs 1037.6 crore, in line with the statements by the 2 telecom firms.
Through this settlement, Bharti Airtel will obtain a consideration of Rs 1037.6 crores from Reliance Jio for the proposed switch. In addition, Jio will assume future liabilities of Rs 459 crores regarding the spectrum, an announcement by Bharti Airtel stated.
The spectrum switch contains 800 MHz band in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz).

The buying and selling settlement is in accordance with the Spectrum Trading Guidelines issued by the Department of Telecommunications (DoT) and is topic to the requisite regulatory and statutory approvals, an announcement from Reliance Industries stated.
“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,” Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel stated within the firm assertion.

The combination worth for the best to make use of this spectrum is Rs 1,497 crore, inclusive of the current worth of related deferred fee legal responsibility of Rs 459 crore, topic to any transaction-related changes.
With this buying and selling of proper to make use of spectrum, Jio can have 2X15MHz of spectrum within the 800MHz band in Mumbai circle and 2X10MHz of spectrum within the 800MHz band in Andhra Pradesh and Delhi circles, thereby additional consolidating its spectrum footprint in these circles, the Mukesh Ambani-led telco stated.