Airtel, Jio conclude spectrum trading pact

New Delhi, Aug 13

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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 the Mukesh Ambani-led firm.

Airtel said in a statement it has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer.

Besides this, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum, the statement added.

Bharti Airtel’s deal with Reliance Jio Infocomm involves the transfer of 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) circles to Jio, the company had earlier said.

Jio’s pact with Airtel to buy the spectrum in 800 MHz band was announced in April this year and marked the first such deal between the two telecom giants.