Bharti Airtel buys airwaves worth $2.6 billion at spectrum auction

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.

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.

A Bharti Airtel office building is pictured in Gurugram on the outskirts of New Delhi, India. (Reuters)

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.