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Motilal Oswal Report
The 5G spectrum auctions saw a good all round participation over the last seven days, despite just four participants, thanks to:
a significant quantum of spectrum available across bands, with sufficient caps to limit any price increase,
aggressive participation by Reliance Jio, Bharti Airtel Ltd., and even Vodafone Idea Ltd. RJio/Airtel spent Rs 881 billion/Rs 431 billion, in line with their EMD submissions of Rs 140 billion/Rs 55 billion, but much above our initial expectations.
The 5G bands – 3300 megahertz, 700 MHz, and 26 GHz – has seen wide participation to the tune of Rs 1.35 trillion (90% of the total auction ), indicating a big thumbs up to 5G, despite reservations on ecosystem development.
Around Rs 136 billion (9% of auction ) was spent on existing bands (1800-2100 MHz).
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