New Delhi [India], August 13 (ANI): Bharti Airtel 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.

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.

Also Read | Uttarakhand: 15-Year-Old Girl Hangs Self After Being Scolded by Father for Not Focusing on Studies.

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

The agreement is in accordance with spectrum trading guidelines issued by the Department of Telecommunications.

Also Read | Ahmedabad Shocker: Childless Woman Says Witch Doctor Asked Her to Have Sex With Him to Conceive; Case Registered.

With this trading of 'right to use' spectrum, Jio will have 2X15MHz of spectrum in the 800MHz 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. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)