outbids competitors in India's $19 billion 5G auction
Jio was the most aggressive from the start, with an earnest money deposit (EMD) of Rs. 14,000 Cr.
Reliance Jio won the 5G auction with a bid of Rs 88,078 Cr, and Airtel India came up at Rs 43,084 Cr, placing them both as the highest bidders.
On August 1, the Indian government's Department of Telecommunications held 5G auctions in which spectrum in the 700MHz, 800MHz, 1800MHz, 3300MHz, and 26GHz bands was sold to Reliance Jio, a supplier of digital services.
The largest bidder in the spectrum auction was Reliance Jio (Rs. 88,078 Cr), followed by Bharti Airtel (Rs. 43,084 Cr), and Vodafone Idea (Rs (Rs. 18,799 Cr).
This broke the previous record of INR 1 Lakh Cr. held by the 4G spectrum auction in 2015 as the most money the government has ever made from a spectrum sale.
As far as the amount of money the government has ever made from a spectrum sale, this surpassed the previous record of INR 1 Lakh Cr. established by the 4G spectrum auction in 2015.
In the spectrum auction, Reliance Jio, Bharti Airtel, Vodafone Idea (Vi), and Adani Data Networks, a company affiliated with the Adani Group, made bids totaling Rs. 1,50,173 Lakh Cr.
This broke the previous record of Rs. 1 Lakh Cr. held by the 4G spectrum auction of 2015 as the government's largest income from a spectrum auction since the start of spectrum auctions with 3G airwaves in 2010.
Reliance Jio, an Indian telecom provider, outbid competitors in the nation's 5G spectrum auction by spending $11 billion, winning the fight to control the upcoming wave of digital services.
The auction, which pitted the wealthiest businessmen in India against one another, prepared the door for the introduction of extremely fast 5G communication services to the 1.4 billion-person nation.
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