5G spectrum auction: Fifth round of bidding underway, auctions likely to conclude today
Telecom Minister Ashwini Vaishnaw said the first-day response exceeded all expectations and will break the 2015 auction revenue record of Rs 1.09 lakh crore. On Tuesday, companies led by Mukesh Ambani, Sunil Bharti Mittal, and Gautam Adani, as well as Vodafone Idea, submitted bids for fifth-generation (5G) airwaves worth around Rs 1.45 lakh crore.
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FollowThe 5G spectrum auctions opened the second day on Wednesday, with the fifth round of bidding presently underway, following a better-than-expected response from participants on the first day. On Tuesday, companies led by Mukesh Ambani, Sunil Bharti Mittal, and Gautam Adani, as well as Vodafone Idea, submitted bids for fifth-generation (5G) airwaves worth around Rs 1.45 lakh crore.
Telecom Minister Ashwini Vaishnaw said the first-day response exceeded all expectations and will break the 2015 auction revenue record of Rs 1.09 lakh crore. Notably, the 700 MHz band, which had received no bids in the previous auctions in 2016 and 2021, got offers this time. According to the Telecom Department, tentative bids of Rs 39,270 crore were received on day one of the auction in the coveted 700 MHz channels, market observers claimed.
Also Read | 5G auction underway, at least Rs 4.3 lakh crore for bid with top 4 companies
The first auction of 5G spectrum, which will enable ultra-high internet rates, is under underway in India. Across numerous bands, a total of 72 GHz (gigahertz) of radiowaves valued at least Rs 4.3 lakh crore are available for bidding.
The 5G spectrum provides ultra-fast speeds (approximately ten times faster than 4G), lag-free connection, and the ability for billions of linked devices to communicate data in real time.
5G would enable solutions such as e-health, connected vehicles, more immersive augmented reality and metaverse experiences, life-saving use cases, and advanced mobile cloud gaming, among others, in addition to powering ultra-low latency connections that allow downloading full-length high-quality video or movie to a mobile device in a matter of seconds (even in crowded areas).
Also Read | 5G spectrum auction begins today, know which 13 cities to get services
The government will award the airwaves in record speed, and 5G services will be available by September.
(With PTI Inputs)
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