India raises record $17.6 billion from telecom airwaves auction
New Delhi, March 27 (ANI): Communications Minister Ravi Shankar Prasad said the country recorded the highest telecom spectrum auction sale in its history. India raised a record $17.6 billion from the sale of mobile phone airwaves in its latest telecom spectrum auction after 19 days of fierce bidding on Wednesday. Prasad said the government received bids topping the 1.06 trillion rupees (USD 17 billion) it raised in 2010. The amount is a third higher than the government expected to raise. Victorious bidders need to pay a quarter to a third of the winning price initially, and the rest by 2027. Prasad also said the auction quantity was the highest since 2010.
