Telecom Minister Ashwini Vaishnaw on Tuesday confirmed that the 5G auctions are attracting strong interest from bidders, especially in the 700 MHz band, and the Government will move quickly to allocate spectrum in record time.
Minister Vaishnaw said he is looking to target allocation of 5G spectrum by August 14th, and expects rollout of services by September.
Bids worth 1.45 lakh crore rupees were made by applicants on the first day of the bidding, and in all likelihood, the auctions will wrap up by today, according to the Ministry.
Minister Vaishwaw sounded upbeat, when he spoke to media persons after the first day of bidding, and said that the telecom sector has turned around from difficult times into a sunrise industry. All four applicants have actively participated, the Minister went on to add.
On Day One, four rounds of auction for 5G spectrum took place, taking the bid amount past Rs 1.45 trillion. Bids have also been received for 700 MHz band frequencies, which is witnessing healthy interest from participants.
If Govt sources are to be believed, then as much as 40 per cent of the total 700 MHz spectrum has been sold. Other frequencies which are witnessing good bidder interest are concentrated around 3300 MHz and 26 GHz bands.
Billionaire Mukesh Ambani-led Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of Gautam Adani's Adani Enterprises are in the fray, to bid for 5G spectrum. The fifth generation or 5G services are believed to be gamechanger in areas like digital healthcare, connected vehicles, metaverse and other cloud-based applications.
Disclaimer: Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
