5G auction: Jio submits earnest money deposit of Rs 14k cr, Adani Rs 100 cr

As the race for 5G spectrum auction heats up, billionaire Mukesh Ambani’s Reliance Jio has made a Rs 14,000-crore earnest money deposit while rival Adani group made a modest Rs 100 crore deposit.

Earnest money deposit is reflective of the quantity of airwaves a company can bid for in the auction.

While the earnest money deposit suggests that Jio, the nation’s largest telecom company by subscribers, may be bidding very aggressively in the upcoming auctions, Adani Group may be looking to buy the bare minimum spectrum needed to set up a private network.

The earnest money deposits of all the four applicants seeking 5G radiowaves add up to Rs 21,800 crore, a level substantially higher than Rs 13,475 crore deposited in the 2021 auction when three players were in the race.