After a better-than-expected response from players on the first day, the 5G spectrum auction entered the second day on Wednesday, with the fifth round of bidding currently underway. Firms run by Mukesh Ambani, Sunil Bharti Mittal and Gautam Adani as well as Vodafone Idea had on Tuesday bid for about Rs 1.45 lakh crore to buy fifth generation (5G) airwaves.
Telecom Minister Ashwini Vaishnav said the response on the first day exceeded all expectations and will surpass the record set in 2015, when the revenue collection from auctions stood at Rs 1.09 lakh crore. Notably, even the 700 MHz band, which saw no takers in the 2016 and 2021 auctions, also received bids this time around.
Read also: Jio, Airtel, Adani bid Rs 1.45 lakh crore for 5G spectrum
In the coveted 700 MHz band, provisional bids worth Rs 39,270 crore were received on the first day of the auction, according to information provided by the Department of Telecommunications, market watchers said. The second day of the bidding process began at 10 am and is widely expected to end much before the scheduled closing time of 6 pm.
Sources said that the fifth round of bidding is going on right now. The first auction of 5G spectrum in India, which will power ultra-high data speeds, is underway. A total of 72 gigahertz (GHz) radiowaves worth at least Rs 4.3 lakh crore are up for bidding in multiple bands.
5G spectrum provides ultra-high speed (about 10 times faster than 4G), lag-free connectivity, and enables billions of connected devices to share data in real time. In addition to powering an ultra-low latency connection that allows full-length high-quality video or movie downloads to a mobile device in a matter of seconds (even in congested areas), 5G e-Health, Connected will enable solutions such as vehicles. , more immersive Augmented Reality and Metaverse experiences, life-saving use cases, and advanced mobile cloud gaming among others.
The government will allocate spectrum in record time and 5G services are expected to start by September.
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