India 5G auction nears US$ 19 billion in bids |
The auction of the 5G spectrum capable of offering ultra-high-speed internet entered the sixth day of bidding on July 31 after receiving bids worth around 1.40 lakh crores in the first five days from players like Reliance Jio and Bharti Airtel. The bidding resumed on July 31 morning with the 31st round, and the subsequent round is currently underway. The pitched battle in Uttar Pradesh East circle — where demand for 1800 MHz had peaked since July 27 — seems to be cooling off now, indicating that the auctions may be entering the final leg. As of July 30, the total value of bids in the telecom spectrum auction had come within the striking distance of the ₹1.50 lakh crores mark, or nearly US$ 19 billion. During a briefing in Mumbai Telecom Minister Ashwini Vaishnaw said that the 5G auction shows that the industry wants to expand. Vaishnav pointed out that the industry is coming out out of problems and is getting into a growth phase. He called the auction results good at around US$ 18 billion. Mukesh Ambani`s Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea, and a unit of Gautam Adani`s Adani Enterprises are in the race to bid for the 5G spectrum that offers speeds about 10 times faster than 4G, lag-free connectivity and can enable billions of connected devices to share data in real-time.
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