Adani Group confirms its entry into race to acquire 5G spectrum; denies entry into telecom

In a surprising move, billionaire Gautam Adani-led Adani Group on Saturday confirmed its entry into the race to acquire the 5G spectrum. The company, however, denied that it will not be in a consumer mobility space. It said will participate in the 5G spectrum auction to own a private networkAdani will pit against Mukesh Ambani’s Reliance Jio and telecom czar Sunil Bharti Mittal’s Airtel. Telecom experts believe the entry of Adani Group in the auction, which is scheduled to take place on July 26, will intensify competition and bidding intensity of telcos as now there will be 3 players in the fray with deep pockets.