Jio inks take care of Airtel to purchase some 800 MHz spectrum for Rs 1,497 cr

Reliance Jio Infocomm on Tuesday mentioned it had entered right into a definitive settlement with its market rival Bharti Airtel to accumulate some spectrum within the 800 MHz band within the Andhra Pradesh, Delhi, and Mumbai for an combination worth of Rs 1,497 crore.
The spectrum buying and selling settlement, which is the primary such deal between the main telcos, will assist Reliance Jio develop its footprint in these three circles and increase its community capability in these areas.
“The trading agreement is in accordance with the Spectrum Trading Guidelines issued by the Department of Telecommunications and is subject to the requisite regulatory and statutory approvals,” Reliance Jio mentioned in a press release.
Of the entire worth of the deal, Bharti Airtel will obtain Rs 1,037.6 crore from Reliance Jio for the proposed switch, whereas Reliance Jio will assume future liabilities of Bharti Airtel, associated to the spectrum, price Rs 459 crore.
“The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from the spectrum that was un-utilised. This is aligned to our overall network strategy,” mentioned Gopal Vittal, Bharti Airtel’s managing director and chief govt officer for India and South Asia.