New Delhi: Billionaire Mukesh Ambani-led Reliance Jio Infocomm on Wednesday said that it has paid Rs 30,791 crore to the Department of Telecom (DoT) towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in auctions prior to March 2021.
Reliance Jio had executed the first tranche of prepayment in October 2021 pertaining to spectrum acquired in auction in the year 2016.
“Subsequent to Department of Telecom’s decision in the month of December 2021 providing the telcos the flexibility to prepay their deferred spectrum liabilities on any date, RJIL (Reliance Jio) has now prepaid in the month of January 2022, the entire deferred liabilities acquired in auction in the year 2014 and 2015 as well as spectrum acquired through trading,” the company said in a statement.
These liabilities were due in annual installments from FY 2022-23 to 2034-2035 and carried annual interest rate between 9.30% to 10% with an average residual period of 7 plus years.
“The company estimates that the above prepayments will result in interest cost savings of around Rs 1,200 crores annually, at the current interest rates,” Reliance Jio said.