Reliance Jio pays Rs 30,791 cr for all spectrum acquired before Mar 2021

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Reliance Jio time...- India TV Paisa
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Reliance Jio pays spectrum liability ahead of time, 12000 crores saved

Highlights

  • Jio has paid Rs 30,791 crore including interest earned to DoT
  • Jio also bought spectrum from Bharti Airtel Limited in 2021
  • Premature payment saves Rs 1,200 crore annually on interest only

New Delhi. Telecom major Reliance Jio on Wednesday said it has paid Rs 30,791 crore, including interest, to the DoT, in full settlement of liabilities on spectrum acquired in auction before March 2021. The company issued a statement saying that in the years 2014, 2015, 2016, Jio had acquired spectrum, as well as in 2021, Jio had also bought spectrum from Bharti Airtel Limited.

The company has paid all these liabilities. The company had acquired 585.3 MHz of spectrum in these auctions and deals. “The company estimates that by making early payments, there will be an annual savings of Rs 1,200 crore on interest only,” the statement said.

For telcos, in September 2021, the DoT had announced a package that had flexible payment terms. Jio had paid the first installment of payment related to spectrum received in the year 2016 in October 2021 itself.

Jio has made pre-payments in January 2022 for the entire delayed liabilities of spectrum acquired in the auctions in 2014 and 2015 as well as the liabilities of spectrum acquired through deals. These liabilities were payable in annual installments from FY 2022-23 to 2034-2035 and the interest rate ranged from 9.30 per cent to 10 per cent per annum.

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