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Friday, March 18, 2016

Airtel to buy part of Videocon spectrum for Rs 4,428 cr

Telecom major Bharti Airtel today said it will acquire Videocon Telecommunications's spectrum in six circles in the 1800 MHz Band for a consideration of Rs 4,428 crore.

"Bharti Airtel has entered into a definitive agreement with Videocon Telecommunications Ltd (VTL) to acquire, at an aggregate consideration of Rs 4,428 crore, rights to use 2x5 MHz spectrum in 1800 MHz band for six circles," the company said in a BSE filing.

The six circles are Bihar, Haryana, Madhya Pradesh, UP (East), UP (West) and Gujarat.

The aforesaid spectrum is valid up to December 18, 2032.

The closing of the transaction is subject to satisfaction of standard conditions.

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