Reliance Jio pays Rs 30,791 cr for all spectrum acquired before Mar 2021
January 19, 2022 10:05
Telecom major Reliance Jio on Wednesday said it has paid Rs 30,791 crore, including accrued interest, to the Department of Telecom to clear entire spectrum payments liabilities that the company acquired before March 2021 auctions.
The payments include liabilities pertaining to the spectrum acquired in 2014, 2015, 2016 auctions and the spectrum acquired in 2021, through trading of right to use with Bharti Airtel Limited, the company said.
The company had acquired 585.3 MHz spectrum through these auctions and trading.
"The company estimates that the above prepayments will result in interest cost savings of around Rs 1,200 crore annually, at the current interest rates," the statement said.
With this payment, Reliance Jio has opted out of options given by the government to telecom operators to avail four years of moratorium on all spectrum-related payments under the telecom reforms package announced in September 2021.
RJIL had executed the first tranche of prepayment on the anniversary date in October 2021, pertaining to spectrum acquired in auction in 2016.
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