Jio deposits most earnest money for 5G spectrum auction, Adani the least
Jio was the one to deposit the highest amount of earnest money ahead of the 5G spectrum auction. Here are all the details.
Ahead of the 5G spectrum auction happening on July 26, all the four companies participating in the auction have deposited an earnest money that amounts to a total of Rs. 21,800 crores. Out of the four entities participating in the spectrum, it is Reliance Jio that comes up with the highest earnest amount, amounting to Rs. 14,000 crores. On the contrary, surprise entrant Adani Data Networks deposited the smallest amount. The auction will happen on July 26.
With Adani Data Networks having the smallest deposit, it could be a major relief for the three established network operators in the country. According to data published by the Department of Telecommunications. Reliance Jio deposited ₹14,000 crore, which was followed by Bharti Airtel with an amount of ₹5,500 crores. Vodafone Idea was third with a deposit of ₹2,200 crore as earnest money. Adani rounded up the list with its deposit of Rs.100 crores.
5G bidders deposit earnest money
With the earnest money deposit, these bidders now gain the eligibility points, which will allow them to bid for the spectrum. Based on the deposit money, Reliance Jio gets 159,830 eligibility points, Bharti Airtel gets 66,330 points, Vodafone Idea gets 29,370 eligibility points and Adani has 1,650 points.
This will allow Jio, Airtel and Vodafone Idea to bid for more spectrum than Adani. However, Adani Data Networks makes it clear that it only wants a captive network for its establishments and hence, it won't enter the consumer mobile space.
With only a few days left for the 5G auction, it is expected that 5G networks in India will start mushrooming within a span of a few months. 5G, when compared to 4G, promises not only faster internet speeds but also stronger and more reliable data connectivity. India is likely to see the sub-6GHz flavour of 5G initially and could piggyback on the existing 4G infrastructure for faster overall speeds. At a later stage, we could see the much faster mmWave 5G that could eventually promise faster speeds.