Jio to acquire some of Bharti Airtel’s spectrum resources for Rs 1,497 crore

NEW DELHI: In the first such deal between telecom rivals Reliance Jio and Bharti Airtel, an agreement has been signed under which the Mukesh Ambani-owned firm will acquire the ‘right to use’ some of Airtel’s spectrum resources in the Andhra Pradesh, Delhi, and Mumbai telecom circles.

According to a statement from the companies, the agreement will see Jio acquire a portion of spectrum in the 800 MHz band in these circles at an aggregate value of Rs 1,497 crore. Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer, while Jio will also assume future liabilities of Rs 459 crore relating to the spectrum, Bharti Airtel’s statement said.