Bharti Airtel shares dropped around 5% in early deals on July 11 as the news came up that Adani group could enter into the 5G spectrum (telecom space). The entry of the Adani group can make losses to Mukesh Ambani’s Reliance Jio, Vodafone-Birla Joint venture Vi, and Sunil Bharti Mittal’s Airtel.
But a statement by the Adani group stated that its intention to acquire 5G spectrum is to provide a private network for airports and its port business but not for the mass telecom services.
Must read: https://www.dnpindia.in/current-affairs/business/india-upi-will-be-provided-to-the-world/71544/
As of 9.37 am, Bharti Airtel was down 4.53 % to Rs 663.75 on BSE. Reliance Industries, which owns Jio, also fell 0.3 % to Rs 2383.95. Wherein, Vodafone Idea, was not affected much as it traded with marginal gains at Rs 8.46.
“As India prepares to roll out the next generation of 5G services through this auction, we are one of the many applications participating in the open bidding process,” the Adani Group said.
“We are participating in the 5G spectrum auction to provide private network solutions along with enhanced cyber security in the airport, ports and logistics, power generation, transmission, distribution, and various manufacturing operations,” the statement said.
The government is putting 72 GHz of 5G frequencies for sale that could net up to Rs 4.5 lakh crore at base prices. The airwaves will be auctioned for 20 years across 10 bands ranging from 600 Mhz to 26 GHz at prices recommended by the telecom regulator.
Four companies – Airtel, Jio, Vodafone Idea and Adani Group – have put in applications to participate in India’s first auction of 5G airwaves starting July 26.
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