Videocon Ditches Idea Cellular for Airtel in Radio Spectrum Deal
Published on: 17th Mar 2016
Note -- this news article is more than a year old.
India's Videocon has walked away from a deal to sell radio spectrum to Idea Cellular, and instead sold it to Bharti Airtel.
Last November, Idea Cellular agreed to pay Rs3,310 crore for 1800Mhz radio spectrum in Gujarat and UP (West), but yesterday in joint statements said that they had mutually agreed to terminate the agreement.
Shortly afterwards, Videocon announced that it has agreed to sell 1800Mhz spectrum in six circles to Bharti Airtel, for Rs4,428 crore.
The deal includes both Gujarat and UP (West), as well as Bihar, Haryana, Madhya Pradesh, and UP (East).
The radio spectrum is licensed up to the end of 2032.