New Delhi: Telecom Reliance Jio on Wednesday said he had paid Rs 30,791 Crore, including interests that still had to be paid, to the Telecommunications Department to clear all the spectrum payment obligations obtained by the company before 2021 auctions.
The payment includes the obligations relating to the spectrum obtained in the auction in 2014, 2015, 2016, and the spectrum obtained by 2021 through trade rights to be used with Bharti Airtel Limited, said the company.
“Reliance Jio Infocomm (RJIL) …
has paid Rs 30,791 Crore (including flowers that still have to be paid) to the Telecom Department on the advance payment of all deferred liabilities related to the spectrum obtained in the auction in 2014, 2015, and the spectrum obtained in 2021 through trade rights to be used with Bharti Airtel, “said the company in a statement.
The company has acquired 585.3 MHz spectrum through this auction and trade.
“The company estimates that payments in advance will produce interest cost savings around 1,200 crore rs every year, with current interest rates,” said the statement.
Reliance Jio has cleared all contributions even after the government gives the option to telecommunications operators to slander the four-year moratorium on all spectrum-related payments.
RJIL has executed the first prepaid stage on the commemoration date in October 2021 related to the spectrum obtained in auction in 2016.
After the telecommunications department decision in December 2021 provides their flexibility to pay in the face of the spectrum liability on any date, RJIL has now been Paid in advance in January 2022, all deferred obligations were obtained in auctions in 2014 and 2015 and the spectrum obtained through trade.
These liabilities are caused by annual installments from the financial year 2022-23 to 2034-2035 and carry out interest rates between 9,30 and 10 percent per year with an average residual period of more than seven years.
Bharti Airtel last month paid Rs 15,519 Crore to the Telecom Department towards payment in advance all deferred obligations related to the spectrum obtained in the auction in 2014.