Indian companies enter the bidding race as the auction for 5G airwaves in India kicks off on Tuesday. The bidders include Reliance Jio, Bharti Airtel, and Vodafone Idea. The market received a surprise with the entry of Gautam Adani as the fourth bidder.
A total of Rs. 218 billion has been put up by all the four bidders. The amount of spectrum the company wishes to buy would depend on the amount of earnest money deposited. 140 billion rupees of earnest money has been put down by Reliance Jio, proving to be an aggressive bidder, while Bharti Airtel and Vodafone Idea deposited 55 billion rupees and 22 billion rupees, respectively.
With the surprising entry of Adani, its bid of only one billion rupees leads to an assumption that the bid is for a limited amount of spectrum.
