New Delhi: The government will conduct a spectrum auction valued at Rs 96,000 crore on tuesday, with 3 companies collectively depositing an Earnest Money Deposit (EMD) of Rs 4,350 crore to participate. Bharti Airtel, Reliance Jio, and VodafoneIdea are set to compete in the auction, which features spectrum valued at Rs 96,318 crore across eight bands. Reliance Jio leads in EMD contributions, with the highest deposit among the participants.
Earnest Money Deposit by Jio, Airtel and Vodafone
Reliance Jio has deposited Rs 3,000 crore, Bharti Airtel Rs 1,050 crore, and VodafoneIdea Rs 300 crore as their respective Earnest Money Deposits (EMD) for the upcoming spectrum auction.
The government plans to auction a total of 8 spectrum bands, following a successful auction in 2022 that generated revenue exceeding Rs 1.5 lakh crore. Currently, the government has extended spectrum usage to Bharti Airtel and Vodafone Idea for an additional 6 months. Telecom companies are expected to invest in spectrum valued at approximately Rs 15,000 crore in the upcoming auction.
Govt to auction Rs 96,000 crore telecom spectrum: Telcos deposit whopping Rs 4,350 crore earnest money to bid for Rs 96,000 crore telecom spectrum. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
