Adani Group will participate in the 5G auctions through its subsidiary Adani Data Networks, The Economic Times reported.
According to the report, Adani Data Networks has also been issued a letter of intent by the telecommunications department to grant a Unified Licence with authorisation of ILD (national area), NLD (national area), and ISP-B in the Gujarat Circle.
The net worth of Adani Data Networks, a wholly-owned unit of Adani Enterprises Limited, is Rs 248.35 crore. Adani Enterprises Limited’s net worth is Rs 4730.66 crore.
As part of the auction rules, the participating bidders must disclose their ownership details to the Department of Telecommunications (DoT).
Cash-strapped Vodafone Idea (Vi) has a negative net worth of Rs 80,918 crore as of March 31, 2022, and may be unable to fight the battle for 5G. Reliance Jio’s net worth as of March 31 is Rs 1.98 trillion, and Bharti Airtel, whose net worth as of March 31 is Rs 75,886.8 crore, will undoubtedly compete for the 5G spectrum.
Adani Group says it will use the 5G spectrum to provide private network solutions and enhanced cybersecurity at airports, ports and logistics, power generation, transmission, distribution, and manufacturing operations. Business Standard