Telcos deposit Earnest Money for spectrum auction, RJio leads with Rs 6,500 crore
Telcos deposit Earnest Money for spectrum auction, RJio leads with Rs 6,500 crore
Telecom companies have deposited Earnest Money (EM) for the upcoming spectrum auction, sources told Zee Business.
Mukhesh Ambani's Reliance Jio has deposited a whopping Rs 6,500 crore, followed by Vodafone at Rs 2,740 crore, Idea Cellular (Idea) at Rs 2,000 crore and Airtel's Rs 1,980 crore. Tata Telecommunications, Reliance Communications and Aircel have deposited Rs 1,300 crore, Rs 313 crore, Rs 120 crore respectively.
Earnest Money Deposit (EMD) gives an insight in to the level of participation in the auction by telecom companies.
Back in 2015, for the spectrum auction telecom companies had deposited a net worth of Rs 20,435 crore as EMD to participate in the Spectrum auction.
DoT's spectrum auction of 2,345 MHz is mounting up to be one of the biggest auctions ever in India.
The auction is scheduled to begin on October 1 and is expected to fetch bids worth Rs 5.63 lakh crore.
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