Airtel prepays Rs 8,325 cr to clear 2015 spectrum acquisition liabilities

Indian multinational telecommunications services company Bharti Airtel on Tuesday announced taking a significant financial stride by prepaying Rs 8,325 crores to the Department of Telecom (Government of India).

This prepayment is directed towards addressing part of the deferred liabilities associated with the spectrum acquired in the auction of 2015. The liabilities carried an interest cost of 10 per cent, as disclosed by the company in an exchanges filing.

"Bharti Airtel (“Airtel”), one of India’s leading telecommunications service providers, today said that it has prepaid Rs. 8,325 crores to the Department of Telecom (Government of India) towards part prepayment of the deferred liabilities pertaining to spectrum acquired in auction of year 2015 which were at an interest cost of 10%," the company said.