Bharti Airtel, Reliance Jio close Rs 1,004-crore spectrum trading deal

Bharti Airtel on Friday said it closed a pact to transfer the ‘Right to Use’ of its 800 MHz spectrum in three circles to rival Reliance Jio for Rs 1,004.8 crore. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum.

In April, Jio had signed an agreement with Airtel to acquire a portion of spectrum in 800 MHz band for Andhra Pradesh, Delhi, and Mumbai circles at an aggregate value of Rs 1,497 crore. Jio now has its holding in these circles to 10MHz, 10MHz and 15MHz, respectively.

This was the first such deal between the two competitors. The analysts had described this deal a win-win for both the parties.