New Delhi: Bharti Airtel announced on Friday it has entered into a definitive agreement with Aircel to acquire its 4G airwaves in eight circles for Rs.3,500 crore through a spectrum trading deal.
"Bharti Airtel and its subsidiary, Bharti Hexacom have entered into a definitive agreements with Aircel and its subsidiaries Dishnet Wireless and Aircel Cellular to acquire rights to use 20 MHz of 2300 band 4G spectrum for eight circles for an aggregate consideration of Rs.3,500 crore," the company said in a statement.
The eight circles are Tamil Nadu (including Chennai), Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Andhra Pradesh and Orissa.
The spectrum is valid till September 20, 2030.
With this acquisition, the company will become pan India 4G operator, the statement said.
"The transfer of the right to use for the circles of Andhra Pradesh and Orissa is subject to the revision of spectrum caps with the upcoming auction to be conducted by the telecom department," it said.
"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,” the company said.