Telecom service company Bharti Airtel in an official statement on Friday, August 13 announced the closure of its spectrum trading agreement with Jio to transfer ‘Right to Use’ of Airtel’s 800 MHz spectrum in three circles to Jio.
In the statement, Airtel said that the telecom service company received Rs. 1004.8 crores from Jio for the proposed deal. In addition, Jio will assume liabilities of Rs. 469.3 crores relating to the spectrum.
In April, Airtel had inked the deal with Jio to transfer 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).
“The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from the spectrum that was unutilised. This is aligned to our overall network strategy.” Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said an official statement.
On Friday, Airtel’s share prices hit a record high of Rs. 638.60. The company saw an increase of 2.4 per cent in shares after the announcement.
According to CNBC, Reliance Industries on the other hand were trading at Rs 2,130.00 on the BSE.