Heated Bidding War: Spectrum Auction Worth Rs 96,238 Crore Kicks Off

The spectrum auction for Rs 96,238 crore commenced, with major telecom firms like Airtel and Reliance Jio participating. This significant event, the 10th since 2010, aims to augment 5G services. Reliance Jio deposited the highest earnest money, with Bharti Airtel and Vodafone Idea also major bidders.

The spectrum auction for Rs 96,238 crore commenced on Tuesday, attracting major players like Airtel and Reliance Jio. This marks the 10th auction since the online bidding process started in 2010.

An official statement revealed that the auction primarily aims to bolster existing telecom services and ensure continuity. Notably, the spectrum bands up for bidding include 800 MHz, 900 MHz, and others deemed suitable for 5G.

Reliance Jio stands to bid for the largest share, with a Rs 3,000 crore deposit, while Bharti Airtel and Vodafone Idea have also made substantial deposits, signaling their strong intent to acquire critical airwaves.

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