Reliance Jio pays Rs 30,791 crore to clear bulk of spectrum dues

The company estimates that the above prepayments will result in interest cost savings of around Rs 1,200 crore

Mukesh Ambani-led Reliance Jio said on Wednesday that it has paid Rs 30,791 crore to the Department of Telecommunications towards dues on spectrum purchased before March 2021. This includes accrued interest for spectrum purchased in 2014-2016 and spectrum acquired through a right-to-use agreement with Bharti Airtel in 2021.

The liabilities were due in annual instalments from financial year 2022-23 (FY23) to FY35 and carried an interest rate between 9.3 per cent and 10 per cent with an average residual period of over seven years. The firm estimates that this prepayment will result in interest saving of around Rs 1,200 crore each