Indian telecom operator Bharti Airtel paid over $1 million (Rs. 8,312.4 crore) to the Department of Telecom (DoT) for 5G installation in India.
The payment signifies four years of dues upfront as the company successfully bid a total of $5.4 million (Rs. 43,039.63 crore) for the rights.
“This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow. Airtel also has access to Rs. 15,740.5 crore in capital from the rights issue, which is yet to be called,” Bharti Airtel MD and CEO Gopal Vittal said in the statement.
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Airtel believes that it will provide ‘a world-class 5G experience’ to its customers in India with its tech and an ideal spectrum bank.
The DoT offered Airtel the option of paying $500,000 (Rs. 3,848.88 crore) upfront and continuing the rest over the course of 19 years. However, the company chose to pay for four years instead.
With 5G connectivity coming to one of the biggest smartphone market in the world, it is finally time for 5G phones to see their true use. You can see some of the best 5G smartphones in the market below $500 here.
Airtel has not rolled out the timeline of 5G availability yet. Regardless, it should start being available soon, at least before the first four years of its payment elapse.
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