Telecom bids worth Rs 58,332 cr submitted after 49 rounds of bidding: Media Report

Subscribe to GoodReturns

Telecom bids worth Rs 58,332 cr submitted after 49 rounds of bidding: Media Repo
Telecom companies have put in bids worth Rs 58,332 crore in spectrum auction at the end of 49 rounds on the 7th day of bidding, said PTI report.

The amount is about 86 per cent of what 3G radiowave auction fetched in 2010, although the current round has far more spectrum for two bands - 900 Mhz and 1800 Mhz - on the block.

"Total 49 rounds were over today. Total bids worth Rs 58,332.82 crore were received which is 21.7 per cent more than the total value of radiowaves put up for the auction, at the base or reserve price. Bidding will continue tomorrow," Telecom Secretary MF Farooqui said.

He added that bids worth Rs 34,743.2 crore have been received for 1800 Mhz - about 98.8 per cent of the total value of radiowaves put up for sale, at the base price.

However, in case of 900 Mhz, which has received bids worth Rs 23,589.62 crore, the value has exceeded by 85 per cent at the base price.

The government will now get at least Rs 17,362.66 crore in the current fiscal from the auction in case companies opt for instalment mode.

The bidders can pay the part of the money upfront and the remaining amount over a maximum of 10 yearly instalment. Out of five online spectrum auctions, the present auction is largest in terms of radiowaves on sale, and third longest till date in terms of duration.

Dion Global Solutions Ltd.

Read more about: telecom, spectrum, bids
Story first published: Tuesday, February 11, 2014, 9:10 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'