Bharti Airtel has entered into an agreement with Reliance Jio Infocomm to transfer ‘Right to Use’ for some of its 800 MHz spectrum in three circles to the Mukesh Ambani-led firm. Following this agreement, Bharti Airtel will receive a consideration of ₹1,037.6 crores from Reliance Jio for the proposed transfer. In addition, Reliance Jio will assume future liabilities of ₹459 crores relating to the spectrum.
As per the agreement, which is subject to statutory approvals, Reliance Jio will acquire the right to use spectrum in the 800MHz band in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) circles through spectrum trading.
Important takeaways for all competitive exams:
- Bharti Airtel CEO: Gopal Vittal.
- Bharti Airtel Founder: Sunil Bharti Mittal.
- Bharti Airtel Founded: 7 July 1995.
- Reliance Industries Ltd Founder: Dhirubhai Hirachand Ambani.
- Reliance Industries Ltd Chief Executive Officer(CEO): Mukesh Dhirubhai Ambani.
- Reliance Industries Ltd Headquarters: Mumbai, Maharashtra.