5G spectrum auction garners Rs 1.49 lakh crore

The government has received bids worth Rs 1,49,967 crores in the 5G spectrum auction on Saturday and bidding will continue on Sunday also.

Seven rounds of bidding took place on Saturday, said the Department of Telecom officials here. Demand in the Uttar Pradesh East circle was the reason for increase in proceeds. Jio and Airtel engaged in intense bidding in UP East circle for 1800 MHz band. The fifth day of the auction garnered additional Rs 112 crore, said the official. The auction started on July 26.

Billionaire Mukesh Ambani’s Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani’s flagship Adani Enterprises are in the race to bid for 5G spectrum, which offers speeds about 10 times faster than 4G,