Reliance Jio top spender in India’s $19 billion 5G spectrum auction

NEW DELHI: Reliance Industries’ Jio emerged as the biggest spender in India’s $19 billion 5G spectrum auction, with the top telco player winning airwaves worth $11 billion to scale up its wireless network across the world’s no.2 mobile market.
The country’s telecoms minister said that companies bought 71% of a total 72 GHz spectrum for sale in India’s 5G auction, which concluded on Monday and also saw participation from Jio rivals Bharti Airtel and Vodafone Idea, as well as a unit of Adani Enterprises Ltd.
Airtel and Vodafone won spectrum worth $5.4 billion and $2.4 billion, respectively.
The government aims to begin the rollout of 5G – which it says can provide data speeds about 10 times faster than 4G – by October this year.
Globally, the next generation network is seen as vital for emerging technologies like self-driving cars and artificial intelligence.
Adani purchased airwaves worth nearly $27 million.