Bharti Airtel (“Airtel”), India’s premier digital communications solutions provider, has said that it has paid Rs 8312.4 crores to the Department of Telecom (Government of India) towards dues for spectrum acquired in the recently concluded 5G auctions.
Airtel has paid 4 years of 2022 spectrum dues upfront. 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.
Over last one year, Airtel has also cleared Rs 24,333.7 crores of its deferred spectrum liabilities much ahead of scheduled maturities.
Speaking about the pre-payment of dues, Gopal Vittal MD & CEO, Bharti Airtel Ltd. said that “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 Rs 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.”
Headquartered in India, Airtel is a global communications solutions provider with over 490 Mn customers in 17 countries across South Asia and Africa.
The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high speed 4G/4.5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services.
For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and cloud based communication.