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Muted response to 2G spectrum auction
Monday November 12, 2012 07:54:13 PM,
IANS
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Related Article |
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Overseas borrowing norms relaxed for 2G spectrum bidders
"The successful bidders in the 2G auction would be eligible to
refinance their Rupee loans availed of from the domestic lenders
for making the upfront payment with a long-term ECB, under the
automatic route subject to certain conditions," the finance
ministry said
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New Delhi: Auction for
the second generation (2G) mobile spectrum started Monday with no
takers for the airwaves in the national capital region, Mumbai and
Karnataka.
The tepid response indicated that the government would fall
substantially short of the revenue that it planned to raise from
the spectrum sale.
At the end of the fifth round of the auction, bids for less than
Rs.10,000 crore were received. Bid price for only two circles UP
East and UP West exceeded the reserve price of Rs.14,000 crore set
for 5 megahertz of airwave space in all 22 circles.
Bids for 98 blocks in 18 circles were received at the end of the
fifth round of the auction. Airwaves of 176 blocks in 22 circles
are up for sale in the auction.
There have been no bidders for the national capital region, Delhi,
Mumbai, Rajasthan and Karnataka circles.
Also, no telecom operator has applied for a pan-India licence.
Five telecom operators - Bharti Airtel, Vodafone, Idea Cellular,
Videocon and Telenor-promoted Telewings - are participating in the
2G spectrum auction.
The base price set for the auction is seven times more than what
the telecom firms paid for the airwaves in 2008.
The muted response to the 2G auction is in sharp contract to the
buoyant response to the third-generation spectrum sale in 2010.
The government had raised over $12 billion in the auction of 3G
spectrum that had lasted for more than a month.
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