Jio’s annual installment stands around `4,500 crore. The longer tenor would reduce the annual installment by around 30%, which would significantly aid the mid-term cashflows for the merged company,” it added. Bharti leads the tally with the highest spectrum holding of 2200 MHz, followed by Idea-Vodafone merged firm (1860 MHz) and Jio including RCoM (1650 MHz), it said. Morgan Stanley said the decision provides some relief to the free cash flows of operators in the near term. Bharti’s annual spectrum payments would reduce by Rs 1,400-1,700 crore, around 20% over FY19-20. “However, the interest rate on the deferred spectrum liability is unchanged, so, the impact is net present value is neutral. We see around 15% downside risk to the government’s FY19 budgeted revenue estimates from the sector,” the brokerage added. Goldman Sachs, too, said the decision to extend the installment period should help ease some pressure on short-term liquidity of the operators and estimates around $200 million of higher cash flows for Bharti and Idea in FY19. “This is likely to be particularly beneficial for Idea, which has a net debt to Ebitda ratio of >7x (3Q18), but does not impact Bharti and Jio much,” it added.