Airtel acquires 4G spectrum in Madhya Pradesh by acquiring stake in Augere Wireless
While Airtel has been furiously rolling out its 4G LTE services across India, the company has now acquired stake in Augere Wireless.
Bharti Airtel has announced that it has acquired 74% stake in Augere Wireless, which holds crucial 4G spectrum in Madhya Pradesh. Augere holds 20 MHz of spectrum in 2300 MHz band in Madhya Pradesh service area, which includes Chhattisgarh state. While the exact financial details are not yet available, sources in the know claim that it could be around Rs. 150 crore.
Regarding the acquisition, Airtel said in a regulatory filing, “With reference to the intimation regarding approval of scheme of amalgamation of Augere Wireless Broadband India Private Limited (Augere) with Bharti Airtel Limited (Airtel or the Company) dated October 27, 2015, Bharti Airtel Ltd has now informed BSE that Airtel has acquired 74% capital of Augere.”