#Bengaluru / #Lucknow : On Wednesday, Idea Cellular and Videocon Industries had announced to terminate their November 2015 agreement in which Idea had acquired spectrum in Gujarat and Uttar Pradesh circles for Rs 3,310 crore.
This year’s Budget levied service tax on spectrum trading, which led to Idea’s cost going up by Rs 500 crore and they decided to terminate the transaction, as per an industry source.
Videocon’s spectrum is valid till December 2032 and help Bharti to help offer its fourth-generation (4G) based services to its customers.
Shares of Videocon were trading 12% up at Rs 122 m while Bharti’s shares were trading 3% up at Rs 349 a share.
Bureau Report
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