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Business News/ Companies / News/  Idea, Videocon Tele terminate Rs3,310 crore spectrum deal
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Idea, Videocon Tele terminate Rs3,310 crore spectrum deal

Idea and Videocon have mutually agreed to terminate their spectrum deal for Gujarat and Uttar Pradesh telecom circles with immediate effect

Both the companies did not specify any reason for the termination of the deal. Photo: Pradeep Gaur/MintPremium
Both the companies did not specify any reason for the termination of the deal. Photo: Pradeep Gaur/Mint

Mumbai: Idea Cellular Ltd and Videocon Telecommunications Ltd (VTL) have mutually agreed to terminate their 3,310 crore spectrum deal for Gujarat and Uttar Pradesh telecom circles with immediate effect.

Both the companies did not specify any reason for the termination of the deal.

In a notice to BSE, Idea Cellular said, “The company and VTL have with immediate effect by mutual written consent agreed to terminate the captioned agreement. No Joint intimation of this agreement for right to use spectrum under spectrum trading guidelines was filed with DoT."

“Consequently, the company is not required to consummate the transaction contemplated therein. There is no cost implication to the company on termination of the captioned agreement," the company added.

Meanwhile, Idea said that it will continue to aggressively launch its high-speed mobile broadband 4G LTE services. On Wednesday, the company launched its 4G LTE services in the 10th telecom services area of Maharashtra and Goa from Nagpur city.

In December, Mint had reported that Idea agreed to buy 5 Mhz of spectrum each in two circles—Gujarat and Uttar Pradesh (West)—from VTL for 3,310 crore in a move that gives the former telco 4G and the latter much-needed cash, as it seeks to restructure, refocus and monetize its telecom assets.

At 9.16am, Idea Cellular was trading at 99.15 on BSE, up 0.81% from previous close, while India’s benchmark Sensex index rose 1% to 24,909.53 points. Videocon Industries Ltd rose 0.55% to 110.

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Published: 17 Mar 2016, 09:56 AM IST
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