Bharti Airtel (Airtel) announced the closure of its agreement with Reliance Jio Infocomm (“Jio”) to transfer the ‘Right to Use’ of Airtel’s 800 MHz spectrum in three circles to Jio. Airtel has received Rs. 1004.8 crores (net of tax) from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs. 469.3 crores relating to the spectrum.
Headquartered in India, Airtel is a global communications solutions provider with over 474 Mn customers in 18 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.