Airtel completes Rs 4,428 cr deal with Videocon Telecom

It will now acquire latter's spectrum in six circles-Bihar, Gujarat, Haryana, Madhya Pradesh, UP

Bharti Airtel said Tuesday it has completed the Rs 4,428 crore deal with Videocon Telecommunications Ltd (VTL) to acquire the latter's spectrum in six circles.

In March, Bharti Airtel and VTL had entered into a definitive agreement, wherein, Airtel proposed to acquire the rights to use 2X5 MHz spectrum in the 1800 MHz band allotted to VTL for an aggregate consideration of Rs 4,428 crore.

These six circles include Bihar, Gujarat, Haryana, Madhya Pradesh, UP (East) and UP (West), Bharti Airtel said in a BSE filing.

"Both parties are pleased to share that the proposed transaction has been successfully concluded on May 24, 2016 following all necessary approvals and the satisfaction of all the conditions (including conditions stated in the Spectrum Trading Guidelines)," it added.

Last month, Bharti Airtel said it will pay Aircel Rs 3,500 crore to access the latter's 4G spectrum in eight telecom circles that will enable the Sunil Bharti Mittal-run telco to become a pan-India operator providing high-speed mobile data services.