Airtel, Jio conclude 800MHz spectrum trade agreement

Kolkata: Bharti Airtel has concluded its trading deal to sell 800 Mhz airwaves in three circles to Reliance Jio, marking the closure of the first ever such deal between the two bitter rivals.

“Airtel has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer,” the Sunil Mittal-led telco said in a media statement on Friday. It added that Jio would “assume future liabilities of Rs 469.3 crore relating to the spectrum”.

The trading deal closure gives Jio the right to use Airtel’s 800 Mhz spectrum in the Andhra Pradesh, Delhi and Mumbai circles.

Back in April, Airtel had inked a definitive trading deal to sell its 800 Mhz spectrum to Reliance Jio. Airtel had then offered to sell 3.75 Mhz of bandwidth in Andhra Pradesh, 1.25 Mhz in Delhi and 2.5 Mhz in Mumbai, subject to regulatory and statutory approvals.