Will give up extra airwaves in 15 service areas but will retain 3.75 megahertz in the Delhi and Mumbai.
The parent company, UB Group, is willing to pump in money.
The company and a unit had received tax demands from authorities over a restructuring exercise approved by courts more than three years ago.
Jet Airways shares fall as much as 13.6 per cent after media reported that the deal with Etihad may be called off.
The money will be used to develop products jointly.
A source at the CBI told Reuters that officials were likely to file charges related to the broader case as early as Friday but did not specify whether those might included Bharti.
Investors including units of Morgan Stanley and Citigroup have agreed to buy 28.3 million shares of Bharti Infratel at Rs 230 apiece.