Airtel prepays Rs 3626 crore to DoT, clears 2016 spectrum auction dues
Bharti Airtel has prepaid Rs 3,626 crore to the Department of Telecommunications (DoT), clearing all liabilities relating to airwaves bought in the 2016 auction. This will help India’s second-largest telco save on interest costs annually and boost cash flows as it rapidly expands its countrywide 5G network and ramps up 4G rural coverage.
“With this, Airtel has cleared all liabilities for spectrum it had acquired in 2016 and prepaid all its spectrum dues that had interest costs higher than 8.65%,” the Sunil Mittal-led telco said in a statement Thursday.
The company added that following the latest payment, it has prepaid Rs 28,320 crore of spectrum dues in calendar 2024.
Bulk of the cash for the latest spectrum prepayment tranche was generated out of Airtel’s own cash flows, people aware of the matter said.
In the 2016 sale, Airtel had bought 173.8 units of airwaves in the 1800 MHz,2100 MHz and 2300 MHz bands for Rs 14,244 crore.
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