Airtel buys Videocon’s spectrum in six circles for Rs.4,428 crore

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New Delhi, May 24 (IANS) Bharti Airtel and Videcon Telecommunications on Tuesday announced that they have concluded the spectrum purchase deal in six circles for Rs.4,428 crore,

Bharti Airtel and Videocon Telecommunications have entered into a definitive agreement on March 17, wherein, Airtel proposed to acquire, for an aggregate consideration of Rs.4,428 crore, the rights to use 2×5 MHz spectrum in the 1800 MHz band allotted to Videocon by the government for six circles — Bihar, Gujarat, Haryana, Madhya Pradesh, UP (East) and UP (West), the two said in a joint statement here.

“Both parties are pleased to share that the proposed transaction has been successfully concluded on May 24, 2016 following all necessary approvals and the satisfaction of all the conditions,” it said.

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