5G spectrum action fetches bids worth ₹1,49,623 cr after 16 rounds, to continue on Friday
Premium- The auction for the 5G spectrum has concluded for the third day on Thursday and will continue till the fourth day on Friday 29 July
The auction for the 5G spectrum has concluded for the third day on Thursday and will continue till the fourth day on Friday 29 July, confirmed Telecom Minister Ashwini Vaishnaw. The Union minister further informed that Thursday witnessed 16 rounds of bidding which fetched bids worth ₹1,49,623 crore.
Here are the key developments till the third day of auction
*On Thursday bids worth ₹1,49,623 crore have been received, which is slight higher than ₹1,49,454 crore-worth bids that were received on Wednesday, the second day of the auction
*Mukesh Ambani's Reliance Jio, Sunil Bharti Mittal's Bharti Airtel, Vodafone-Idea and Gautam Adani are vying to buy the 5G airwaves. According to analysts, Reliance Jio may be the most aggressive of those in the race.
*The Department of Telecom is targeting to allocate the spectrum by mid-August and 5G services are expected to start rolling out by September-October 2022.
*With the 5G spectrum, ultra-high speeds (about 10 times faster than 4G), lag-free connectivity, and billions of connected devices to share data in real-time can be enabled
*The auction is being held for spectrum in various low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz), mid (3,300 MHz) and high (26 GHz) frequency bands. A total of 72 GHz (gigahertz) of radiowaves worth at least ₹4.3 lakh crore is up for bidding
*After the first day of auction, Vaishnaw informed that bands, such as 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2500 MHz, 3300 MHz, and 26 GHz, saw notable activity. People aware of the matter has said the telecom circle of Uttar Pradesh (East) saw excess demand in the 1800 MHz band.
*The spectrum auction will pave the way for the rollout of 5G services with ultra-high speeds (about 10 times faster than 4G), lag-free connectivity, and can enable billions of connected devices to share data in real-time.
*The fifth generation or 5G would also enable solutions such as e-health, connected vehicles, more immersive augmented reality and metaverse experiences, life-saving use cases, and advanced mobile cloud gaming, among others.
*As per the process, it will not be known until the auction concludes as to which company got how much airwaves.
*Ashwini Vaishnaw further stated that the industry is committed to taking services to rural areas.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less