Videocon sells spectrum in 2 circles to Idea for Rs 3,310 crore

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NEW DELHI: The fragmented and competitive Indian telecom industry is finally witnessing consolidation. Days after Anil Ambani’s Reliance Communications took over Russian Sistema’s Indian wireless business, Videocon’s Dhoot family has now signed a Rs 3,310 crore deal for selling spectrum in two circles — UP (West) and Bihar — to Aditya Birla group-controlled Idea Cellular for launching 4G services.

Videocon, which has telecom operations in seven circles, will part with lucrative mobile airwaves in the 1,800 MHz band (5MHz each in both circles) in the deal.

Videocon had acquired spectrum in the two service areas for Rs 1,329 crore in November 2012 and has made an upfront payment of Rs 438.6 crore to the government. Considering this, the group seems to have made a substantial profit.

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