Airtel prepays Rs 8,815 crore to clear deferred liabilities for spectrum acquired in 2015
New Delhi, March 25, 2022
Telecom services provider Bharti Airtel today said it had paid Rs 8,815 crore to the Department of Telecommunications, Government of India towards part prepayment of deferred liabilities pertaining to spectrum acquired in auction of year 2015.
The prepayment is for instalments due in FY 2027 and FY 2028, a press release from the company said.
Over the last four months, Airtel has cleared Rs 24,334 crore of its deferred spectrum liabilities much ahead of scheduled maturities.
"These liabilities carried an interest rate of 10% and have been paid off through a combination of strong free cash generated by business, equity proceeds and significantly lower cost debt of similar tenor," the release said.
"Airtel continues to focus on financial flexibility via its capital structure including optimising cost of financing and capitalising on all opportunities of significant interest saves like this prepayment," it added.
Headquartered in India, Airtel is a global communications solutions provider with over 480 million customers in 16 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa.
Airtel’s retail portfolio includes high speed 4G/4.5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services.
For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and cloud based communication.