Bharti Airtel has made an early payment of 84.65 billion rupees ($1.01 billion) to the Indian government, partially settling its outstanding spectrum fees from a 2016 auction, the telecom carrier announced on Monday.

Clearing high-cost deferred liabilities, telecom major Bharti Airtel (Airtel) has prepaid ₹8,465 crores against spectrum acquired in 2016. "Bharti Airtel (“Airtel”) has prepaid ₹8,465 crores to the Department of Telecom (Government of India) against spectrum acquired in 2016.

The Sunil Mittal-led telco had acquired 173.8MHz airwaves across the 1800MHz, 2100MHz, and the 2300MHz bands for Rs 14,244 crore in the spectrum auction conducted in 2016 by the telecom department.

As per an ICRA estimate, Airtel and its struggling rival Vodafone Idea owe roughly $12 billion in past dues, including spectrum charges and licensing fees to the government. Monday's payment to the government's telecom department had an interest rate of 9.3%, Airtel said.

Bharti Airtel has made an early payment of 84.65 billion rupees ($1.01 billion) to the Indian government, partially settling its outstanding spectrum fees from a 2016 auction, the telecom carrier announced on Monday.

Bharti Airtel on Monday said it has prepaid Rs 8,465 crore to the government against spectrum it acquired in 2016. Bharti Airtel's stock on the BSE Sensex closed at Rs 1709.90, reflecting a decline of 25.

Earlier in the year, Airtel prepaid ₹8,325 crore to the government to clear part of its deferred liabilities for the spectrum it acquired in 2015. In the 2015 auctions, Airtel acquired 111.6 MHz of spectrum for ₹29,

Bharti Airtel has made a strategic financial move by prepaying ₹8,465 crore to the Department of Telecom, thereby clearing high-cost deferred liabilities for spectrum acquired in 2016. What Happened: As per a press release on September 30,

Telecom operator Bharti Airtel on Monday said it has prepaid Rs 8,465 crore to the government against spectrum it acquired in 2016. These liabilities carried an interest rate of 9.3 per cent, the company said in a statement.