Business: 5G spectrum auction enters Day 3, received bids worth Rs 1.5 trillion so far
Earlier it was expected the auction would be completed on the second day - Wednesday. Full story on Dynamite News:
New Delhi: The auction for the 5G telecom spectrum has garnered bids worth Rs 1,49,454 crore at the end of the second day and the bids for the much-awaited spectrum sale are extended for the third day.
A comparison of the two-day figures shows that the 5G spectrum auction fetched Rs 71,639.2 crore more than the 4G spectrum auction of 2021. In percentage terms, it is 92.06 per cent higher. Wednesday saw five rounds of the auction, taking the total rounds to nine.
Earlier it was expected the auction would be completed on the second day - Wednesday.
The bids received so far are almost double the amount received for the 4G spectrum auction in 2021. The 4G spectrum auction in March 2021 fetched Rs Rs 77,814.80. The auction in 2021 was concluded in two days.
Giving updates about the second day of the auction, Union Minister of Communications, Electronics and Information Technology Ashwini Vaishnaw on Wednesday said: "700 MHz has seen a good response, it has been sold this time. Good response in other low and mid bands as well.”
The Union Cabinet chaired by Prime Minister Narendra Modi had recently approved the Department of Telecommunications (DoT)'s 5G spectrum auction through which spectrum will be assigned to bidders to provide 5G services to the public as well as enterprises.
5G is the fifth-generation mobile network capable of transmitting a large set of data at a very rapid speed. In comparison to 3G and 4G, 5G has a very low latency which will enhance user experiences in various sectors. Low latency describes the efficiency to process a very high volume of data messages with a minimal delay. 5G services are expected to be about 10 times faster than 4G.
The 5G rollout is also expected to bring more development in remote data monitoring in sectors such as mining, warehousing, telemedicine, and manufacturing, among others.
Reliance Jio, Adani group, Bharti Airtel, and Vodafone Idea are the four major participants in the spectrum auction. This is the first time that the Gautam Adani-led Adani group, which recently forayed into the telecom sector, participated in the bidding process of the 5G telecom spectrum auction.
Allocation of spectrums to the telecom operators is expected before August 15, and the initial 5G services in the country will start by September-October. Subsequently, high-speed 5G telecom services are expected to be offered in several cities in the county by the end of the year 2022. (ANI)