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Reliance Jio signs agreement for trading of right to use spectrum with Bharti Airtel in AP, Delhi, Mumbai
New Delhi, April 7, 2021
Telecom services provider Reliance Jio Infocomm Limited (RJIL), a subsidiary of the Mukesh Ambani-led Reliance Industries Limited, has said that it has entered into a definitive agreement with Bharti Airtel Limited for acquisition of right to use spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading.
Circle wise details of the traded spectrum are: Andhra Pradesh 3.75 MHz, Delhi 1.25 MHz, Mumbai 2.50 MHz, adding up to 7.50 in all in the 800 MHz band.
The trading agreement is in accordance with the Spectrum Trading Guidelines issued by the Department of Telecommunications and is subject to the requisite regulatory and statutory approvals, a press release from Jio said.
The aggregate value for the right to use this spectrum is Rs 1,497 crore, inclusive of the present value of associated deferred payment liability of Rs 459 crore, subject to any transaction related adjustments, it said.
With this trading of right to use spectrum, RJIL will have 2X15MHz of spectrum in the 800MHz band in Mumbai circle and 2X10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles, thereby further consolidating its spectrum footprint in these circles, it said.
"With the enhanced spectrum footprint, especially contiguous spectrum, and superior infrastructure deployed, RJIL has further increased its network capacity," the release said.
The transaction is subject to the requisite regulatory and statutory approvals, it added.