Bharti Airtel sells spectrum worth ₹1,497 crore to Reliance Jio

As per the agreement, which is subject to statutory approvals, Reliance Jio will acquire right to use spectrum in the 800MHz band in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) circles through spectrum trading

Bharti Airtel on Tuesday said it has entered into an agreement with Reliance Jio Infocomm to transfer ‘Right to Use’ for some of its 800 MHz spectrum in three circles to the Mukesh Ambani-led firm. Following this agreement, Bharti Airtel will receive a consideration of ₹1,037.6 crores from Reliance Jio for the proposed transfer. In addition, Reliance Jio will assume future liabilities of ₹459 crores relating to the spectrum, Bharti Airtel said in a statement. “The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from spectrum that was unutilised. This is aligned to our overall network strategy,” Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said.