With Airtel religiously growing its network footprint in India, the company is now set to acquire spectrum from Aircel.
Bharti Airtel has announced that it has entered into a definitive agreements with Aircel to acquire rights to use 20 MHz of 2300 Band 4G spectrum for eight circles. The net value of the deal is pegged at Rs. 3500 crore. The eight circles include Tamil Nadu (including Chennai), Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Andhra Pradesh and Orissa.
Speaking about the acquisition, Airtel in a press statement said, “The transfer of the right to use for the circles of Andhra Pradesh and Orissa is subject to the revision of spectrum caps with the upcoming auction to be conducted by the telecom department. The closing of the transaction is subject to satisfaction of the standard conditions (including conditions stated in the Spectrum Trading Guidelines), as are normal to such transactions.”