Reliance Jio has deposited the highest earnest money of Rs 3,000 crore for the latest round of the 5G spectrum auction.
Mukesh Ambani is the richest man in India with a massive real-time net worth of USD 114.3 billion (Rs 953590 crore) as per Forbes. He continues to expand his business empire including Reliance Jio, which he officially launched in 2016. The billionaire now aims to expand the Jio 5G network for high-speed internet in the country including rural India.
Indian telecom companies including Reliance Jio began submitting bids for the latest round of the 5G spectrum auction on Tuesday. The central government is selling airwaves worth Rs 96,317.65 crore for over 10,500 Mhz mobile services.
Reliance Jio has deposited the highest earnest money of Rs 3,000 crore for the auction, which provides the company with the potential to bid for maximum radio waves. Telecom operators including Jio, Airtel and Vodafone Idea showed interest in four spectrum bands -- 900 MHz, 1,800 MHz, 2,100 MHz, and 2,500 MHz on June 25.
"Total quantum of spectrum being auctioned is 10,522.35 MHz in various bands valuing Rs 96,238.45 crores at reserve prices," the statement said. The 3,300 Mhz band and 26 Mhz band are seen as suitable bands for 5G services.
It is the 10th spectrum auction since the process for sale of radiowaves started through an online bidding process in 2010. The last spectrum auction was held in August 2022, which, for the first time, included radio waves for 5G services. The Department of Telecommunications (DoT) has initiated the spectrum auction and notice inviting applications was issued on March 8.
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The Ministry of Communications announced that the following spectrum bands will go up for bidding in the upcoming auction -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz.
According to pre-qualified bidder details released by the Department of Telecommunications, Bharti Airtel has submitted the earnest money deposit (EMD) of Rs 1,050 crore and Vodafone Idea (VIL) of Rs 300 crore. Telecom industry body Cellular Operators' Association of India Director General SP Kochhar said the 5G auctions will catalyze the rapid rollout of 5G services across the country, leading to enhanced coverage and vastly improved connectivity.
(With inputs from PTI)
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