Reliance Jio on Wednesday said it has paid Rs 30,791 crore, including outstanding interest, to the Department of Telecom to clear entire spectrum payments liabilities that the company acquired before March 2021 auctions.
The payments include liabilities pertaining to the spectrum acquired in 2014, 2015, 2016 auctions and the spectrum acquired in 2021, through trading of right to use with Bharti Airtel Limited, the company said.
The corporate had acquired 585.3 MHz spectrum within the mentioned auctions/buying and selling. These liabilities had been due in annual instalments from FY22-23 to 2034-2035 and carried rate of interest between 9.30% to 10% every year with a mean residual interval of over seven years. Jio estimates that the above prepayments will end in curiosity value financial savings of round Rs 1,200 crore yearly on the present rates of interest. These liabilities, the statement said, were “due in annual installments from FY 2022-23 to 2034-2035 and carried interest rate between 9.30% and 10% p.a. with an average residual period of 7+ years”. Reliance Jio estimates the prepayments to lead to interest cost savings of around Rs 1,200 crore annually, at current interest rates.
Jio pre-pays Rs. 30k crores, clears spectrum dues
