Reliance Jio pays Rs 30,791 crore to clear bulk of spectrum dues

 The company estimates that the above prepayments will result in interest cost savings of around Rs 1,200 crore

Reliance Jio on Wednesday said it has paid its entire deferred liabilities pertaining to spectrum acquisition prior to March 2021. The company has paid Rs 30,791 crore (including accrued interest) to the Department of Telecom towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in auctions of year 2014, 2015, 2016 and the spectrum acquired in year 2021 through trading of the right to use with Bharti Airtel Limited. These liabilities were due in annual instalments from FY 2022-23 to 2034-35 and carried interest rate between 9.30 per cent to 10 per cent with an average residual period of more than 7 years. The company estimates that the above prepayments will result in interest cost savings of around Rs 1,200 crore annually, at the current interest rates, it said in a statement.