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India sold airwaves worth $19 billion in an auction, where billionaire Mukesh Ambani-led Reliance Jio Infocomm Ltd. emerged the top buyer spending more than $11 billion.
The South Asian nation sold spectrum, including 5G airwaves, worth 1.5 trillion rupees ($19 billion) across multiple band, India’s telecom minister Ashwini Vaishnaw told reporters in New Delhi on Monday, confirming the government’s forecast of a record collection.
Ambani-controlled Reliance Jio, India’s largest wireless operator, bought 24,740 megahertz of airwaves for 880.78 billion rupees, the minister said.
Smaller rivals Bharti Airtel Ltd. and Vodafone Idea Ltd. came in next with Gautam Adani’s firm spending the least as some of the country’s richest tycoons faced off for 5G rights that could decide who dominates the digital era in a country of billion-plus people
