Bharti Airtel buys airwaves worth $2.6 billion at spectrum auction
Bharti Airtel Ltd., India’s second-largest wireless carrier by subscribers, will spend $2.6 billion acquiring new airwaves in an ongoing spectrum auction in India.
The carrier, led by billionaire Sunil Mittal, acquired 355.45 megahertz airwaves across multiple spectrum bands for 186.99 billion rupees ($2.55 billion), according to a statement from the company Tuesday.
The ongoing spectrum auction that raised 771.5 billion rupees as of Monday is a boost to the exchequer as the government tries to jump start the economy after the pandemic-induced recession last year. The newly acquired airwaves will also bolster Bharti’s telecom infrastructure.