India Expects Record 5G Revenue After $18 Billion Bids Received
- Spectrum auction will conclude on Wednesday: Telecom minister
- Minister sees 5G services rolling out by September or October
A vendor uses a smartphone while waiting for customers at a newspaper stand in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India received bids worth 1.45 trillion rupees ($18.2 billion) on the first day of an auction for 5G airwaves where firms led by some of Asia’s richest men, including Mukesh Ambani and Gautam Adani, competed for rights that could decide who dominates the digital era.
The sale will probably fetch record revenue, Telecom Minister Ashwini Vaishnaw told reporters in New Delhi, adding the auction is expected to be over on Wednesday.