New Delhi: Bharti Airtel on Thursday said it will acquire Videocon Telecom's radio frequency spectrum in six circles for Rs.4,428 crore in yet another deal after the government liberalised the trading and sharing of scarce airwaves among operators.
"Bharti Airtel has entered into a definitive agreement with Videocon Telecommunications Limited to acquire, at an aggregate consideration of Rs.4,428 crore, the rights to use 2x5 MHz spectrum in the 1,800 MHz Band," the company said in a regulatory filing.
The six circles are Bihar, Haryana, Madhya Pradesh, Uttar Pradesh (East), Uttar Pradesh (West) and Gujarat. The spectrum allocation in these circles is valid till December 18, 2032.
This deal came a day after Idea Cellular terminated its spectrum trading agreement with Videocon Telecom for its Gujarat and Uttar Pradesh (West) circle. Bharti Airtel's stocks were trading at Rs.348.40 per share in the BSE, up 2.58 percent, at 12.40 p.m.
Earlier, Reliance Communications had announced that it has signed a deal for trading and sharing of airwaves with Jio in the 800 MHz band, covering virtually the entire country. A roaming deal was also on the cards.