Disappointing Spectrum Auction Closes Early with Minimal Bids

A recent spectrum auction for mobile radiowaves ended abruptly after two days, securing only 12% of the government's estimated Rs 96,238 crore. The auction received bids worth Rs 11,340 crore for approximately 140-150 MHz of spectrum, much lower than previous auctions, signaling a lackluster industry response.

In a surprising turn of events, the latest spectrum auction concluded on Wednesday after just two days, falling drastically short of expectations. The government had projected a minimum of Rs 96,238 crore for the radiowaves crucial for mobile communication, but the auction attracted a mere Rs 11,340 crore.

The offering included 10 GHz of spectrum ranging from 800 MHz to 26 GHz. Despite the high stakes, only five rounds of bidding occurred on the first day, June 25, with activity dwindling significantly by Wednesday. Consequently, officials declared the auction closed by 1130 hrs.

Compared to the previous year's staggering Rs 1.5 lakh crore 5G auction, this year's bids fell short as only an estimated 140-150 MHz were sold. In 2022, significant players like Mukesh Ambani's Jio and Sunil Mittal's Bharti Airtel made record bids, but this year's results indicate a muted industry interest.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)