Spectrum Auction to commence on October 1

The biggest ever spectrum auction of India is all set to kick off tomorrow i.e October 1, 2016.

There are 7 telcos who have applied for this spectrum auction, and together have brought in bids of around Rs 14,563 crore.

Among these companies, Mukesh Ambani-backed Reliance Jio has made the highest bid of Rs 6400 crore.

While other key telcos namely – Bharti Airtel, Vodafone India, Idea Cellular, Aircel, Tata Teleservices and Reliance Communication have also submitted their applications for this auction.

Government will be auctioning the largest ever spectrum 2,354 MHz across seven bands -  700 Mhz, 800 Mhz, 900 Mhz, 1800 Mhz, 2100 Mhz and 2300 Mh.

This would be the first time where 700MHz band will be offered for auction. For this band a firm will need to shell out a minimum of Rs 57,425 crore. 

This spectrum auction is expected to fetch bids worth Rs 5.63 lakh crore.

“We are selling a lot of good quality spectrum, so prices will be high,” Telecom Secretary J S Deepak had said, adding that “almost all” the companies participated in a pre-bid meeting held recently, a Telecomtalk.Info report.