News
Indian operator pays INR44.3 billion for 1800-MHz frequencies in six telecom circles.
Bharti Airtel on Tuesday completed the acquisition of 1800-MHz spectrum from rival Indian operator Videocon
The telco paid 44.28 billion rupees (€588.92 million) for the frequencies held by Videocon in six telecom circles: Bihar, Haryana, Madhya Pradesh, Uttar Pradesh (East), Uttar Pradesh (West), and Gujarat. The licences are valid until 18 December 2032.
Bharti Airtel first struck the deal in March after an earlier agreement between Videocon and Idea Cellular fell through.
Idea announced its deal with Videocon in November 2015. Worth INR33.1 billion, it covered the latter’s 1800-MHz spectrum in Uttar Pradesh (West) and Gujarat. No explanation was given as to why the agreement was terminated.
Idea’s loss appears to be Bharti Airtel’s gain.
"The proposed transaction has been successfully concluded…following all necessary approvals and the satisfaction of all the conditions," said Bharti Airtel, in a stock exchange announcement.
Bharti Airtel also picked up 1800-MHz spectrum in six other telecom circles in last year’s multiband auction, at which it also acquired frequencies in the 900 MHz, and 2.1 GHz bands. It paid INR291.3 billion in total.
