27-Jun-2024
2 mins read
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India’s private telecom company Bharti Airtel has acquired 97 MHz spectrum in the key circles for 20 years at Rs 6857 crore, the company said in an exchange filing on 26 June 2024. Bharti Airtel likely spent the most among all telecoms as the government managed to earn around Rs 11,300 crore from India’s 5G spectrum sale.
In a media release, Bharti Airtel said it acquired 97 MHz spectrum in the 900 MHz, 1800 MHz, and 2100 MHz frequency bands through the auction for Rs 6,857 crore. Airtel successfully renewed spectrum that was expiring in 2024 and purchased additional spectrum to bolster its mid-band holding across the key circles.
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Bharti Airtel's Management Comment
Bharti Airtel MD & CEO said "Airtel continues to judiciously acquire the right amount of spectrum to deliver the best possible experience to our customers. In this auction, we have bolstered our sub‐gigahertz and mid‐band holding, which will significantly improve our coverage, especially indoors.
The Indian spectrum auction concluded within hours on Wednesday, the second day of bidding. Telecom operators purchased over Rs 11,300 crore worth of radio waves, 12% of the Rs 96,238 crore minimum value set by the government.
This 2024 auction, held after nearly two years, offered a diverse range of frequencies including 800 MHz, 900 MHz, etc.
Bharti Airtel Share Price Update
After this news, Bharti Airtel share price gained positive momentum and rose 3.5% yesterday. Currently, the Airtel price is trading at Rs 1460 per share.
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