Highly anticipated 5G spectrum auction ended on day 7 with Jio emerging as the biggest bidder. The Telecomm department was seeking to sell seventy-two GHz at a starting price of ₹4.3 trillion. As expected the amount earned in this auction clears all previous 7 auction earnings, with the second best coming in 2015 at ₹113,932 crores still not comparable to ₹1.5 trillion earned this time.
The bidding lasted for 7 days and 40 rounds, although no one expected it to go on for so long even the general consensus was the majority of the spectrum would go at the base price.
No one expected a hard battle between the three telecom giants for the the10.8 MHz of spectrum in the 1800 band in the eastern Uttar Pradesh circle. The battle redounded in price rising over the base price.
Government sources said they had estimated earning between ₹70,000 crores and ₹110,000 crores, but guess did better because reportedly Reliance Jio decided to buy 10 MHz of spectrum in the 700 bands. The company would have diverged out Rs,270 crores for the band as a result of which the overall figures hit a much-advanced mark.
As it panned out, Reliance Jio bid the most amount at Rs 80,000 crore, followed by Airtel, VI, and the Adani Group.