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Airtel to acquire Videocon Telecom spectrum for Rs 4,428 cr

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Bharti Airtel India’s largest service provider Thursday said that it will acquire Videocon Telecom’s spectrum in six circles for Rs 4,428 crore, through a bandwidth trading deal.

“Airtel has entered into a concrete agreement with Videocon Telecommunications to acquire, at an aggregate consideration of Rs. 4,428 crore, rights to use 2 x 5 MHz spectrum in the 1800 MHz Band,” India’s largest telecom company said in a notice to the BSE.

Bharti will acquire rights to use Videocon’s spectrum in Bihar, Haryana, Madhya Pradesh, UP (East), UP (West) and Gujarat. The spectrum is valid up to December 18, 2032.

“The closing of the transaction is subject to satisfaction of the standard conditions, including conditions stated in the Spectrum Trading Guidelines,” Bharti added.

The move comes a day after Idea Cellular, a Bharti Airtel rival, terminated its spectrum trading agreement with Videocon Telecom for the latter’s Gujarat and UP West circles, signed for Rs 3310 crore in few months ago.

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