5G Spectrum Auction: The 5G spectrum auction saw bids worth Rs 1,49,855 crore after 23 rounds on Friday. The government said that the bidding will continue on Saturday as well. Reliance Jio is at the forefront of bidders for 5G airwaves. This is followed by Bharti Airtel, Vodafone-Idea and Gautam Adani’s company.
What Union IT Minister Ashwini Vaishnav said
According to Union IT Minister Ashwini Vaishnav, on the third day (Thursday), the total bid had reached Rs 1,49,623 crore. Vaishnav said the ongoing 5G spectrum auction indicates that the country’s telecom industry has come a long way in 5G progress. Union Minister Ashwini Vaishnav said that about 71 percent of the total spectrum put on auction has been temporarily sold. He said it was a very good response.
7 rounds of bidding held on Friday
Seven rounds of bidding were held on Friday for spectrum. During this, additional bids worth Rs 231.6 crore were received. A total of 23 rounds of bidding have been done so far. Mukesh Ambani’s Reliance Jio, Sunil Bharti Mittal’s Bharti Airtel, Vodafone Idea and Gautam Adani’s flagship unit of Adani Enterprises are in the race for 5G spectrum.
How has the auction process been so far?
On Tuesday, the first day of bidding, bids worth Rs 1.45 lakh crore were placed in four rounds of auction. Bids for spectrum continued on Friday with Jio and Airtel aggressively bidding for the 1800 MHz band in the Uttar Pradesh (UP) eastern circle. A total of 72 GHz radio waves worth at least Rs 4.3 lakh crore have been placed under the bidding. Bids worth Rs 1,49,623 crore had been received till the end of Thursday. The auction of fifth generation (5G) spectrum to provide high-speed internet service in the country received bids worth around Rs 1,49,855 crore on the fourth day on Friday. The bidding process has been extended till Saturday due to continued interest in radio waves.
Ashnini Vaishnav will meet today
The auction is being conducted for spectrum in various low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz), medium (3,300 MHz) and high (26 GHz) frequency bands. Meanwhile, sources said the Telecom Minister will hold a meeting with private equity funds, venture capital, investors and banks in Mumbai on Saturday. In this meeting, along with understanding their views and concerns, the development of the telecom sector will be discussed. Sources said the move comes at a time when the government is in the process of preparing a new legal framework for the sector.
5G speed will be 10 times more than 4G
It is noteworthy that with the advent of 5G services, the internet speed will be about 10 times higher than 4G. In this, the speed of the internet will be such that a movie can be downloaded on mobile in just a few seconds. According to Counterpoint Research, as India prepares for the 5G era, the installed base of smartphones with 5G capabilities has crossed 50 million in the country.