Bharti Airtel has announced that it has entered into a definitive agreement with Videocon Telecommunications (VTL) to acquire rights to use 2 x 5 MHz spectrum in the 1800 MHz Band in six circles – Bihar, Haryana, Madhya Pradesh, UP (East), UP (West) and Gujarat (Transaction) in a deal worth Rs. 4428 crore.
The spectrum was allotted to Videocon Telecom by the DoT on April 05, 2013 and is valid up to December 18, 2032. This comes a day after Idea terminated its Rs. 3310 crore ‘spectrum trading agreement’ with Videocon Telecom to use its 1800 MHz spectrum in Gujarat and Uttar Pradesh (West) that was singed a few months back.
“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,” said Airtel. It launched 4G services in 296 towns across India in August and is rapidly expanding across the country.