Connect with us

Headlines of the Day

Jio submits Rs 3000cr EMD, Airtel Rs 1050cr, and Vi Rs 300cr

Reliance Jio Infocomm Ltd has submitted an earnest money deposit (EMD) of Rs 3,000 crore for the upcoming spectrum auction, surpassing its competitors by a significant margin. Bharti Airtel Ltd and Vodafone Idea have deposited Rs 1,050 crore and Rs 300 crore, respectively, as per the Department of Telecommunications.

Interestingly, despite none of its licenses being up for renewal, Jio has contributed the highest amount. On the other hand, Airtel and Vodafone Idea are gearing up to renew airwaves in specific circles during the auction scheduled for June 6.

In the previous spectrum auction, the telecom department received an EMD of Rs 21,800 crore, indicating a notable difference compared to the current deposits. Additionally, during India’s initial 5G auction in July 2022, the government recorded revenue exceeding Rs 1.5 lakh crore.

The upcoming auction holds significance for Airtel and Vodafone Idea as they need to renew spectrum licenses in various circles. Airtel, under the leadership of Sunil Mittal, is eyeing renewal in J&K, Odisha, Bihar, UP (East), West Bengal, and Assam, while Vodafone Idea seeks to renew spectrum in West Bengal and UP West circles, following a recent fund-raising through an FPO.

Successful bidders will secure spectrum rights for 20 years, with provisions allowing payments to be made in 20 equal annual installments. Notably, Jio holds the highest eligibility points for the auction, followed by Airtel and Vodafone Idea.

According to data on the DoT website, Jio’s net worth stood at Rs 2.31 lakh crore as of December 31, 2023, whereas Airtel’s net worth was Rs 86,260 crore as of May 6, 2024. In contrast, Vi’s net worth was negative, amounting to Rs 1.17 lakh crore as of May 3, 2024.

The spectrum auction slated for June 6 will offer spectrum across various bands, including 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz. BizzBuzz

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!