Instalment for 4 years settled ahead of schedule with a view to free up cash flows for 5G roll out
New Delhi, August 17, 2022: Bharti Airtel (“Airtel”), India’s premier digital communications solutions provider, today 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, Mr. 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.”