Who placed the highest bid when the government sold 5G spectrum worth Rs. 1.5 lakh crore: Reliance Jio, owned by billionaire Mukesh Ambani, became the highest bidder for 5G spectrum on Monday, paying 88,078 crore to buy over half of the airwaves offered in the most recent auction.
Telecom Minister Ashwini Vaishnaw claims that the Adani group paid 212 crore for 400 MHz, or less than 1% of all spectrum sold.
While Jio purchased spectrum across several bands, including the coveted 700 MHz band, which can provide 6-10 km of signal range and serves as a good foundation for fifth generation (5G) in all 22 circles in the country, Adani Group purchased spectrum in the 26 GHz band, which is not for public networks.
If 700 Mhz is used, a single towner can cover a larger area.
Bharti Airtel, owned by telecom mogul Sunil Bharti Mittal, paid 43,084 crore for a 19,867 MHz airwave that spans multiple bands.
5G Spectrum was purchased by Vodafone Idea Ltd for Rs. 18,784 crore.
Vaishnaw reported that a total of 150,173 crore worth of bids were received.
51,236 MHz, or 71%, of the 72,098 MHz of spectrum offered over 10 bands, were purchased.
The 5G spectrum bands that Jio purchased are valid for 20 years. The interest on the spectrum payments, which is calculated at 7.2 percent annually, must be paid over 20 equivalent annual instalments.
According to him, the government will receive a payment of 13,365 crore in the first year for the spectrum.
Additionally, he stated that the 5G services might go live by October.
“We have always believed that India will become a top economic force in the world by adopting cutting-edge technologies,” stated Akash M. Ambani, Chairman of Reliance Jio Infocomm.