Odisha News Insight

Govt gets Rs 1.10 Lakh Crore on Telecom Spectrum Auction

Telecom Spectrum AuctionThe Government of India has garnered a record Rs. 1.10 lakh crore after rigorous bidding in the telecom spectrum auction, which concluded on Wednesday after 19 days and 115 rounds of bidding.

Telecom Minister Ravi Shankar Prasad said the government received bids worth Rs 1.10 lakh crore topping the Rs 1.06 lakh crore it raised in 2010.

However, 11 percent airwaves stayed unsold. The process of auction was conducted for 800 MHz, 900 Mhz, 1800 MHz and 2100 MHz covering both mobile telephony and broadband, including 4G.

The Department of Telecommunication will disclose details of the result and names of successful bidders after the Supreme Court’s permission as a case is pending before the apex court.

The spectrum auction included airwaves held by nine licences of Idea Cellular, seven each of Reliance Telecom and Vodafone and six permits of Bharti Airtel that were expiring in 2015-16.

Victorious bidders need to pay a quarter to a third of the winning price initially, and the rest by 2027. Spectrum revenue is key for the government to plug its fiscal deficit.

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