(M.C)
Reliance Jio today said it has prepaid its entire deferred liability worth Rs 30,791 crore (including accrued interest) to DoT. In addition to this, Jio had also acquired 585.3 MHz spectrum from Bharti Airtel last year.
Department of Telecom (DoT) in December had provided telecom players the flexibility to prepay deferred spectrum liabilities. With this payout, Reliance Jio has now prepaid the entire deferred liabilities for spectrum acquired in 2014-2015 as through trading.
Jio had executed the first tranche of prepayment in October, for spectrum acquired in 2016.These liabilities were due from FY23, going on till FY35, and carried interest of 9.3-10% p.a. This prepayment would lead to a cost saving of Rs 1,200 crore per year.
