New Delhi: Billionaire Mukesh Ambani-controlled Reliance Jio Infocomm Ltd (RJIL) has concluded a deal with rival Bharti Airtel for acquiring the right to use the latter’s 800 Mhz spectrum in the Andhra Pradesh, Delhi, and Mumbai circles.
“RJIL has paid total consideration of Rs 1,183.3 crores (inclusive of taxes) to Bharti Airtel and has assumed deferred payment liability with the net present value of Rs 469.3 crores,” RJIL (also referred as Jio) said in a statement.
In a stock exchange filing, Bharti Airtel said that it has received Rs 1004.8 crores (net of tax) from Jio for the proposed transfer.
“In addition, Jio will assume future liabilities of Rs 469.3 crores relating to the spectrum,” it said.
With this trading of right to use spectrum, RJIL will have an 800 MHz band spectrum footprint of 2 x 15MHz in Mumbai circle and 2 x 10 MHz each in Andhra Pradesh and Delhi circles.
The deal will help Jio further enhance the network experience of its customers.
Bharti Airtel share on the BSE closed 2.21 per cent higher at Rs 637.05 a piece on Friday.