To bid or not to bid, the $84-b dilemma vexing India’s three telecom tycoons

After racking up $59 billion of net debt to survive a brutal war in the world’s second-biggest phone-services market, some of the country’s billionaires are bracing for more as their next battle looms: 5G.

India seeks to raise $84 billion this year from a sale of airwaves — most of it for the new technology tipped to revolutionise connectivity. That’s posing a conundrum for the carriers controlled by tycoons including Mukesh Ambani. Investment would mean more borrowings, but the reward could be revenue streams never seen before.

Operators may soon decide how much more pain they can endure for a high-speed wireless network that can offer better user experience in streaming, gaming and entertainment in a market where Netflix to Amazon are making inroads.