Reliance Jio has paid Rs 30,791 crore, including accrued interest, to the Department of Telecom to clear entire spectrum payments liabilities the company got pre-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, it said.
The company had acquired 585.3 MHz spectrum through these auctions and trading. 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, the statement said.
Reliance Jio has opted out of options given by the government to telecom operators to avail four years of moratorium on all spectrum-related payments under the telecom reforms package announced in September 2021.