New Delhi: Bharti Airtel (“Airtel”), India’s premier digital communications solutions provider, today said that it has paid Rs 8312.4 crores to the Department of Telecom (Government of India) towards dues for spectrum acquired in the recently concluded 5G auctions.
“Yesterday Airtel paid Rs 8,312.4 cr towards spectrum dues & was provided the allocation letter for the designated frequency bands within hours. E band allocation was given along with spectrum as promised. No Fuss, No Follow Up, No running around the corridors and No tall claims. This is ease of doing business at work in its full glory. In my over 30 years of first-hand experience with DOT, this is a first! Business as it should be. Leadership at work-Right at the top and at the helm of telecom. What a Change! Change that can transform this nation – power its dreams to be a developed nation!”
-Sunil bharti mittal, founder & chairman bharti enterprise
Airtel has paid 4 years of 2022 spectrum dues upfront. The Company believes that this upfront payment coupled with the moratorium on spectrum dues and AGR related payments for four years will free up future cash flows and allow Airtel to dedicate resources to single-mindedly concentrate on the 5G roll out.
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Yesterday, Airtel paid Rs 8312.4 cr towards spectrum dues and was provided the allocation letter for the designated frequency bands within hours. E band allocation was given along with spectrum as promised: Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises
(File Pic) pic.twitter.com/Qj6STV6jn4
— ANI (@ANI) August 18, 2022
Over last one year, Airtel has also cleared Rs 24,333.7 crores of its deferred spectrum liabilities much ahead of scheduled maturities.
Airtel has access to Rs 15,740.5 Cr in capital
Speaking about the pre-payment of dues Mr. Gopal Vittal, MD & CEO, Bharti Airtel Ltd.said that “This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow. Airtel also has access to Rs 15,740.5 Cr in capital from the rights issue which is yet to be called. With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world class 5G experience.”
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About Airtel
Headquartered in India, Airtel is a global communications solutions provider with over 490 Mn customers in 17 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high speed 4G/4.5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and cloud based communication.
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