Airtel pays Rs 8,312.4 crore to DoT for 5G spectrum; instalment for 4 years settled ahead of schedule
New Delhi, August 17, 2022
Telecom services provider Bharti Airtel today said it has paid Rs 8,312 crore to the Department of Telecommunication (DoT), Government of India towards dues for spectrum acquired in the recently concluded 5G auction.
With this, Airtel has paid four years of 2022 spectrum dues upfront, a press release from the company said.
"The company believes that this upfront payment coupled with the moratorium on spectrum dues and AGR related payments for four years will free up future cash flows and allow Airtel to dedicate resources to single-mindedly concentrate on the 5G roll-out," it said.
Over the last one year, Airtel has also cleared Rs 24,333.7 crore of its deferred spectrum liabilities much ahead of scheduled maturities.
Gopal Vittal MD & CEO, Bharti Airtel Ltd. said, "This upfront payment of four years allows us to drive 5G rollout in a concerted manner given our operating free cash flow. Airtel also has access to Rs 15,740.5 crore in capital from the rights issue which is yet to be called. With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world class 5G experience."