Record Rs 1.4L bids on day 1 of 5G auction

New Delhi: India’s first auction of the ultra-high speed 5G spectrum on Tuesday attracted bids of over Rs 1.45 lakh crore. The earlier high bid amount for spectrum auctions was 1.09 lakh crore.

There were four rounds of bidding between 10 am and 6 pm involving billionaire Mukesh Ambani’s Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani’s flagship Adani Enterprises.

Addressing a press briefing after the bidding was over, telecom minister Ashwini Vaishnaw stated: It seems now that the telecom industry is moving towards new territory as new tech and new investment is expected.”