At the end of the seventh day of the spectrum auction, the government received bids over Rs 583.32 billion. So far, the government has conducted 49 rounds of bidding.
Commenting on the progress of the auction, M.F. Farooqui, secretary, Department of Telecommunications said, ?The government has received total bids worth Rs 583.32 billion which is 21.7 per cent more than the total value of spectrum put up for the auction, at the reserve price set by the government.?
So far, the government has received bids worth Rs 347.43 billion and Rs 235.89 billion for spectrum in the 1,800 MHz and the 900 MHz band.
The government is now expected to receive minimum revenue of Rs 173.62 billion from the current spectrum auction in case operators opt to pay for the spectrum won in installments. The bidders have the option of paying part of the auction amount upfront and the remaining amount over a maximum of 10 yearly installments.
