For acquisition of right to use spectrum in Gujarat and Uttar Pradesh (West)
Idea Cellular announced that the Company and Videocon Telecommunications have mutually agreed to terminate the agreement entered into on 24 November 2015. No joint intimation of this agreement for right to use spectrum under spectrum trading guidelines was filed with DoT. Consequently, the Company is not required to consummate the transaction contemplated therein.In November 2015, Idea Cellular (Buyer) and Videocon Telecommunications (Seller) had entered into an agreement for acquisition of right to use spectrum in telecom service areas of Gujarat and Uttar Pradesh (West) for an aggregate consideration of Rs 3310 crore, pursuant to the DoT guidelines for trading of access spectrum by access services providers dated 12 October 2015.
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