Reliance Jio Infocomm Ltd has deposited Rs 3,000 crore as earnest money for the upcoming spectrum auction, according to details submitted to the Department of Telecommunications (DoT). This is about three times the amount submitted by rival Bharti Airtel Ltd.
According to DoT, Bharti Airtel and Vodafone Idea have deposited Rs 1,050 crore and Rs 300 crore, respectively, as earnest money.
The DoT had received an earnest money deposit (EMD) of Rs 21,800 crore in the previous spectrum auction.
During India’s first 5G auction in July 2022, the government successfully garnered over Rs 1.5 lakh crore in revenue.
Jio has deposited the maximum amount despite none of its licenses coming up for renewal, whereas Airtel and Vodafone Idea need to renew airwaves in certain circles in the upcoming auction on June 6.
In the upcoming auction, Sunil Mittal-led Bharti Airtel needs to renew airwaves in J&K, Odisha, Bihar, UP (East), West Bengal and Assam. Vodafone Idea, which recently raised funds through the FPO, needs to renew the spectrum in West Bengal and UP West circles.
After the auction, the spectrum rights allotment will be made for a period of 20 years, with provisions allowing for payments to be made in 20 equal annual instalments.
The Department of Telecom will auction spectrum worth Rs 93,000 crore on June 6. Spectrum in 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz bands will be put on sale.
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