Reliance Jio agreed to acquire 800MHz spectrum in three areas from Bharti Airtel for INR15 billion ($201.9 million), the first spectrum trading deal between the two rivals.

Airtel stated it will transfer 3.75MHz of 800MHz spectrum in Andhra Pradesh, 1.25MHz in Delhi and 2.5MHz in Mumbai.

The deal includes the present value of associated deferred payment liability of INR4.59 billion and will increase Jio’s holding in the 800MHz band to 2x15MHz in Mumbai and 2x10MHz in Andhra Pradesh and Delhi.

Jio said the agreement meets spectrum trading guidelines issued by the Department of Telecommunications and is subject to regulatory approvals.

Gopal Vittal, Airtel’s MD and CEO of India and South Asia, said the sale will enable it to “unlock value from spectrum that was unutilised”.

GSMA Intelligence estimated Jio had 416 million mobile connections (excluding cellular IoT) at end-March and Airtel 312 million, making them the top two operators in India.