Idea Cellular Ltd, India's third-biggest mobile operator by market share, spent Rs 30,300 crore or $4.84 billion to buy mobile airwaves in the country's spectrum auctions, Telecom Minister Ravi Shankar Prasad said today.
That was the single biggest amount spent. Together with market leaders Bharti Airtel and Vodafone Group Plc's India unit, the top three players paid Rs 85,575 crore, or about 78 per cent of the total airwaves sold, according to figures provided by the minister.
Idea Cellular Ltd, India's third-biggest mobile operator by market share, spent Rs 30,300 crore or $4.84 billion to buy mobile airwaves in the country's spectrum auctions, Telecom Minister Ravi Shankar Prasad said today.
That was the single biggest amount spent. Together with market leaders Bharti Airtel and Vodafone Group Plc's India unit, the top three players paid Rs 85,575 crore, or about 78 per cent of the total airwaves sold, according to figures provided by the minister.
The government expects to receive about $4.61 billion or a little over one lakh crores in initial payments, which winning bidders have to make by April 4.
(Also read: Government can collect cash from record spectrum auction)
India raised a record $17.6 billion or Rs 1.10 lakh crore from the sale of mobile phone airwaves after 19 days of fierce bidding that ended Wednesday.
The Telecom Minister said the winners would have to pay around a third of the winning bid price within 10 days, which amounts to a Rs.28,870 crore, companies will be requested to comply by March 31 (the rest of the money is due in 10 annual installments beginning 2017). Collecting initial payments from operators will help the government plug its fiscal deficit before the financial year ends.
The Mukesh Ambani-led Reliance Jio, which was expected to bid aggressively for the spectrum to start 4G services in the country, made a total commitment of about Rs.10,000 crore. Bhaarti Airtel committed the second-highest amount of Rs.29,310 crore.
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