Bharti Airtel (Airtel), India’s premier communications solutions provider on Friday announced the closure of its agreement with Reliance Jio Infocomm to transfer ‘right to use’ of Airtel’s 800 MHz spectrum in three circles to Jio.

As per ANI, Airtel has received Rs.1,004.8 crore (net of tax) from Jio for the proposed transfer, the company said in a statement. In addition, Jio will assume future liabilities of Rs.469.3 crore relating to the spectrum.

In April, Jio had entered into a definitive agreement with Bharti Airtel for the acquisition of the ‘right to use’ spectrum in the 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles through spectrum trading.

The agreement is following spectrum trading guidelines issued by the Department of Telecommunications.

With this trading of the ‘right to use’ spectrum, Jio will have 2x15MHz of spectrum in the 800 MHz band in Mumbai circle and 2X10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles, thereby further consolidating its spectrum footprint in these circles.