Mukesh Ambani's Jio swept up the lion's share, as the market leader bid Rs 881 billion for more than a third of the available spectrum, while rival Bharti Airtel, led by Sunil Mittal, bid Rs 431 billion for just over a quarter of the spectrum
"Jio is set to lead India's march into the 5G era," chairman Akash Ambani said in a statement, promising "services, platforms and solutions that will accelerate India’s digital revolution." Image: Shutterstock
Asia's richest men made multi-billion-dollar bets on the future of Indian telecommunications in the country's 5G auction Monday, but nearly 30 percent of the available spectrum went unsold.
Narendra Modi's government plans to roll out 5G networks offering up to 10 times the speed of 4G to its 1.4 billion population before the end of the year.
But despite being home to several fast-growing tech giants India is late to the 5G game, with analysts saying authorities held off auctioning the spectrum in the hope of raising more revenue.
Four companies bid a total of Rs 1.5 trillion ($19 billion) for 20-year 5G licences.
But only 71 percent of the 72 GHz of available airwaves were bid for during the seven-day auction, telecom minister Ashwini Vaishnaw told reporters in New Delhi.