Bharti Airtel has paid INR 8,312.4 crores to the Department of Telecom (Government of India) towards dues for spectrum acquired in the recently concluded 5G auctions, the company said in a statement today.
Airtel has paid four years of 2022 spectrum dues upfront, it said.
The company believes that this upfront payment coupled with the moratorium on spectrum dues and AGR-related payments for four years will free up future cash flows and allow Airtel to dedicate resources to single-mindedly concentrate on the 5G roll out.
In last one year, Airtel also cleared INR 24,333.7 crores of its deferred spectrum liabilities much ahead of scheduled maturities.
“This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow. Airtel also has access to INR 15,740.5 Cr in capital from the rights issue which is yet to be called. With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world class 5G experience,” Bharti Airtel Managing Director and Chief Executive Officer Gopal Vittal said.
Airtel had acquired 5G spectrum worth INR 43,084 crore in the 5G auction a few weeks ago, and the company has said that its 5G deployment will start in August 2022.
