Spectrum auction: Govt receives bids worth Rs.56,800 cr. on Day 2

The government received bids worth about Rs.56,792 crore on the second day of the auction of telecom spectrum, according to sources.

A total of 2,300 MHz of spectrum worth Rs.5.6 lakh crore has been put up for sale, making this the biggest auction of airwaves in the country. On Monday, a total of six rounds of bidding were completed, taking the total number of rounds in the current auction to 11. On the first day of auction (October 1), the government had received bids worth Rs.53,531 crore. The much-touted 700 MHz band failed to attract any bids on day two as well, sources said.

Prashant Singhal, Global Telecommunications Leader at EY said, “No bidding in the premium 700 MHz band clearly indicates that the operators are not ready to commit investments to the over- priced band with under developed ecosystem.”