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Bharti Airtel and Videocon Telecommunications Ltd (VTL) have concluded the transaction wherein the former will acquire rights for spectrum allotted to VTL, the company said in a statement.
“On March 17, 2016, Bharti Airtel Ltd and Videocon Telecommunications Ltd entered into a definitive agreement, wherein, Airtel proposed to acquire, for an aggregate consideration of ₹4,428 crores, the rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to VTL by the Government of India for six circles - Bihar; Gujarat; Haryana; Madhya Pradesh; UP (East) and UP (West),” Airtel said in a statement to the BSE.
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 (including conditions stated in the Spectrum Trading Guidelines), the statement added.
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