Lagatar24 Desk
New Delhi, Aug 1: India’s largest ever airwave auction completed today with a record amount of spectrum being auctioned of over 1.5 lakh crore. Jio, owned by Mukesh Ambani, won the highest bid to maintain its position as the market leader, according to the news agency Press Trust of India.
According to estimates, the sale revenues’ tentative estimate is Rs 1,50,173 crore, and the final figures are still being added up. The seven-day auction came to a close this afternoon.
The mop-up from the 5G spectrum, which may provide ultra-high speed mobile internet connectivity, is nearly double at Rs 77,815 crores worth of 4G airwaves auctioned last year and quadruple of 50,968.37 crores obtained from a 3G auction in 2010.
Reliance with speeds that are around ten times faster than 4G, lag-free connectivity, and the ability to allow billions of linked devices to communicate data in real-time, Jio was the highest bidder for the airwaves.
Bharti Airtel and Vodafone Idea Ltd. came after it.
According to reports, the newcomer Adani group purchased 26 MHz spectrum in order to establish a private telecom network. With Vodafone Idea’s limited involvement, Bharti and Jio have probably established a 5G spectrum footprint across the entirety of India.
Despite offering spectrum in ten bands, the government received no offers for the airwaves in the 600 MHz, 800 MHz, and 2300 MHz bands.
