INDIA: The 5G spectrum auctions opened their second day on Wednesday after players responded better than anticipated on the first day, with the fifth round of bidding currently in progress.
Bids worth Rs 1.49 lakh crore have been received for buying 5G telecom spectrum on the second day of the auction, Union minister Ashwini Vaishnaw said on Wednesday.
On Tuesday, businesses owned by people Mukesh Ambani, Sunil Bharti Mittal, and Gautam Adani, as well as Vodafone Idea subtotalling over Rs 1.45 lakh crore to purchase fifth-generation (5G) airwaves.
The response on the first day, according to Telecom Minister Ashwini Vaishnaw, exceeded all expectations and would break the previous record set in 2015, when revenue collection from the auction amounted to Rs 1.09 lakh crore.
Interestingly, this time around, bids were submitted for the 700 MHz band, which had not found any buyers in the 2016 or 2021 auctions.
Market observers reported that the Telecom Department stated that on the first day of the auction, tentative bids of Rs 39,270 crore were received in the highly sought-after 700 MHz bands.
The second day of the bidding process started at 10 AM, and most experts anticipate that it will end much sooner than the planned closing time of 6 PM. According to sources, the fifth round of bidding is presently in progress.
The first 5G spectrum auction in India, enabling extremely fast data rates, is now underway. A total of 72 GHz (gigahertz) of radiowaves, spread over several bands, are up for auction.
The 5G spectrum can enable billions of connected devices to share data in real-time at extremely high speeds (about ten times faster than 4G).
In addition to enabling connections with extremely low latency that allow full-length, high-quality videos or movies to be downloaded to a mobile device in a matter of seconds (even in crowded areas), 5G would also enable solutions for e-health, connected cars, more immersive augmented reality and metaverse experiences, life-saving use cases, and advanced mobile cloud gaming, among other things.
In record time, the government will distribute the spectrum, and 5G services are anticipated to go live by September.
Also Read: All About 5g Auction in India
