Telecom major Bharti Airtel today said it has acquired 74% stake in Augere Wireless, which holds 4G spectrum in Madhya Pradesh, but did not disclose financial details of the deal.
“With reference to the intimation regarding approval of scheme of amalgamation of Augere Wireless Broadband India Private Limited (Augere) with Bharti Airtel Limited (Airtel or the Company) dated October 27, 2015, Bharti Airtel Ltd has now informed BSE that Airtel has acquired 74% capital of Augere,” Airtel said in a regulatory filing.
Augere holds 20MHz of spectrum in 2,300MHz band in Madhya Pradesh service area, which includes Chhattisgarh state, to be used for 4G services. The company had won this spectrum for Rs 124.66 crore in 2010 but has not rolled out services.
Infotel Broadband, which was acquired by Reliance Industries, was the only bidder to win spectrum on pan-India basis in the 2,300MHz band in that auction.