5G Spectrum Auction has concluded with approximately Rs 1.5 lakh crore in total bids: Report

The selling revenues are estimated to have totaled Rs 1,50,173 crore, and the final figures are still being added up.

Advertisement

According to a PTI report, India’s first-ever 5G spectrum auction ended today with spectrum worth Rs1,50,173 crore being sold. This afternoon marked the conclusion of the seven-day auction.

The seventh day of the auction was on Monday. The selling revenues as of now total Rs1,50,173 crore, and the final figures are still being added up.

The bidders for 5G airwaves included Reliance Industries’ Jio, competitors Bharti Airtel and Vodafone Idea, as well as billionaire Gautam Adani’s Adani Enterprises Ltd.

The 5G spectrum that can provide ultra-high-speed internet has been up for auction for the past six days, and bids totaling Rs1,50,130 crore have been submitted. On Sunday, seven further rounds of bidding “dialled in” an additional Rs163 crore.

The 5G auction, according to prior comments from Telecom Minister Ashwini Vaishnaw, highlighted the industry’s desire to grow and its transition into a growth era.

Vaishnaw expected the launch of 5G by October of this year. According to the government, 5G can offer data rates roughly ten times quicker than 4G.