Airtel, Videocon conclude spectrum acquisition in six circles

NEW DELHI:India’s top telecom service provider Bharti Airtel said that it has completed the Rs 4,428 crore deal with Videocon Telecommunications Ltd (VTL) to acquire the latter's spectrum in six circles.

On March 17, 2016, Airtel and VTL had entered into a definitive agreement to acquire, at an aggregate consideration of Rs. 44,280 mn., rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to VTL.

“On March 17, 2016, Bharti Airtel Ltd and Videocon Telecommunications Ltd entered into a definitive agreement, wherein, Airtel proposed to acquire, for an aggregate consideration of ₹4,428 crores, the rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to VTL by the Government of India for six circles - Bihar; Gujarat; Haryana; Madhya Pradesh; UP (East) and UP (West),” Airtel informed BSE Ltd. (Bombay Stock Exchange).

"Both parties are pleased to share that the proposed transaction has been successfully concluded on May 24, 2016, following all necessary approvals and the satisfaction of all the conditions (including conditions stated in the Spectrum Trading Guidelines)," it said.