Reliance Jio has entered into an agreement with Bharti Airtel for acquiring the right to use spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading.
Reliance Industries (RIL) share price rose in the early trade on April 7 a day after the company’s subsidiary Reliance Jio signed an agreement with Bharti Airtel for acquiring the right to use spectrum in some parts of the country.
Reliance Jio Infocomm has entered into a definitive agreement with Bharti Airtel for acquisition of the right to use spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading, RIL said in a BSE filing.
The aggregate value for the right to use this spectrum is Rs 1,497 crore, inclusive of present value of associated deferred payment liability of Rs 459 crore, the company said.
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With this trading, Jio will have 2X15MHz of spectrum in the 800MHz band in the Mumbai circle and 2X10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi, thereby further consolidating its spectrum footprint in these circles, RIL added.
The transaction is subject to the requisite regulatory and statutory approvals.
At 0919 hours, Reliance Industries was quoting at Rs 2,006.50, up Rs 22.85, or 1.15 percent, and Bharti Airtel was quoting at Rs 538.70, up Rs 6.60, or 1.24 percent, on the BSE.
The share touched a 52-week high of Rs 2,368.80 on September 16, 2020 and a 52-week low of Rs 1,090.62 on April 7, 2020. It is trading 15.29 percent below its 52-week high and 83.98 percent above its 52-week low.
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