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Reliance Jio prepays Rs 30,791 crore spectrum dues

The telecom company had acquired 585.3 MHz spectrum in the said auctions/trading.

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Mumbai: Reliance Jio Infocomm Ltd (RJIL) on Wednesday announced that it has paid Rs 30,791 crore (including accrued interest) to the Department of Telecom towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in auctions of year 2014, 2015, 2016 and the spectrum acquired in year 2021 through trading of right to use with Bharti Airtel Ltd. 

The company had acquired 585.3 MHz spectrum in the said auctions/trading.

RJIL had executed the first tranche of prepayment on the anniversary date in the month of October 2021 pertaining to spectrum acquired in an auction in the year 2016. Subsequent to the Department of Telecom’s decision in the month of December 2021 providing the telcos the flexibility to prepay their deferred spectrum liabilities on any date, RJIL has now prepaid in the month of January 2022, the entire deferred liabilities acquired in an auction in the year 2014 and 2015 as well as spectrum acquired through trading.

These liabilities were due in annual installments from FY 2022-23 to 2034-2035 and carried interest rates between 9.30 per cent to 10 per cent per annum with an average residual period of over seven years.

The company estimates that the above prepayments will result in interest cost savings of around Rs 1,200 crore annually, at the current interest rates.

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