Mittal buys Aircel’s airwaves to boost 4G wireless services

New Delhi / Bloomberg

Bharti Airtel Ltd., India’s largest wireless operator, said it will buy airwaves from Aircel Ltd. taking its spectrum acquisitions this year to $1.2 billion as it prepares to counter Reliance Industries Ltd. that’s starting fourth-generation wireless services this year. The company controlled by billionaire Chairman Sunil Mittal will spend $524 million to purchase airwaves from Aircel in eight areas. The company bought spectrum from Videocon Telecommunications Ltd. for $663 million last month.
Airtel is adding spectrum as it gears up to fend off competition from Reliance, controlled by Mukesh Ambani, India’s richest man, which is investing 1.5 trillion rupees in its 4G services.

Leave a Reply

Send this to a friend