India raised Rs 65,789 cr from spectrum auction

Published by Metro India News on October 08, 2016 00:07:59 AM
India raised Rs 65,789 cr from spectrum auction

New Delhi: India raised Rs 65,789 crore ($9.9 billion) in an auction of airwaves, a fraction of the Rs 5.6 lakh crore that the government had sought, as several mobile-phone carriers shunned the sale to preserve cash amid intensifying competition in the industry.BhartiAirtel Ltd., the nation's largest carrier, bought Rs 14,244 crore of spectrum, the company said in a statement. Third-ranked Idea Cellular Ltd. said it had added airwaves to enable it to offer mobile broadband in most of the country. Reliance JioInfocomm Ltd., India's newest carrier, said it spent Rs 13,700 crore, while Vodafone Group Plc's Indian unit also participated.No bids were received for spectrum in the 700 MHz band that had the highest minimum price. The government will get an upfront payment of Rs 32,000 crore, Communications Minister Manoj Sinha said in New Delhi.