Reliance Jio pays Rs.30,791 crore in advance to cover spectrum acquisition costs

Reliance Jio Infocomm Ltd. (RJIL) announced that it has paid the Department of Telecom (DoT) Rs.30,791 crore (including accrued interest) to prepay the entire deferred liabilities relating to spectrum acquired in auctions in 2014, 2015, and 2016 and spectrum acquired in 2021 through trading of right to use with Bharti Airtel Ltd.

During the auctions/trading, the corporation purchased 585.3 MHz spectrum. Reliance Jio announced that it had completed the first tranche of prepayment for spectrum acquired in the 2016 auction on the anniversary date in the month of October 2021.

The Company  has prepaid the whole deferred liabilities acquired at the auction in 2014 and 2015, as well as spectrum obtained through trade, in January 2022, after the Department of Transportation's decision in December 2021 allowing telecoms to prepay their deferred spectrum liabilities on any date.

"These liabilities were due in annual installments from FY 2022-23 to FY 2034-2035 with an average residual time of over 7 years and carried interest rates between 9.30 percent and 10 pecent p.a.," the company stated in a statement.

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