Bharti Airtel today announced an agreement with Reliance Jio lnfocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio.
"The agreement is subject to statutory approvals," the telco said in a regulatory filing issued after market hours today (6 April 2021).
Through this agreement, Airtel will receive a consideration of Rs 1037.6 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crore relating to the spectrum.
Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said: "The sale of the 800 MHz' blocks in these three circles has enabled us to unlock value from spectrum that was unutilised. This is aligned to our overall network strategy."
Bharti Airtel is a global telecommunications company with operations in 18 countries across South Asia and Africa.
On a consolidated basis, Bharti Airtel reported a net profit of Rs 853.60 crore in Q3 FY21 as against net loss of Rs 1,035.30 crore in Q3 FY20. Net sales during the quarter jumped 24.2% year-on-year (Y-o-Y) to Rs 26,517.80 crore.
The scrip rose 0.74% to end at Rs 532.10 on the BSE today. It traded in the range of 524.75 and 537.55 during the day.
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