Bharti Airtel on June 14 said it has prepaid Rs 7,904 crore to the department of telecom, clearing all its deferred liabilities related to the acquisition of spectrum in auction between 2012 and 2015, the telecom service provider said in a statement.
“With this, the company has fully prepaid all deferred liabilities pertaining to spectrum acquired in auction of the year 2012 and 2015 which were at the highest interest cost of 9.75% and 10% respectively,” the company said.
Early this year in January, the telecom operator had prepaid Rs 8,325 crore to the telecom department to partly clear its deferred liabilities for the airwaves bought in a 2015 auction.
Airtel had bought spectrum worth Rs 29,129 crore in the auction, paying Rs 7,833 crore upfront.
Later, the company prepaid Rs 8,815 crore and Rs 8,024 crore in March 2022 and July 2023, respectively.
Bharti Airtel had dues worth Rs 10,000 crore to Rs 12,000 crore for the 2015 auction, it had said in an investor meet in November 2023.
With inputs from Reuters
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
