The world's second largest internet market received bids worth $18 billion on the first day of an auction for 5G airwaves from tycoons, including Reliance and Adani.
It looks like the bidding level will be at the same level on Wednesday, according to the telecom minister.
The roll out of 5G networks is expected to begin in September. He said that 5G will be available in several Indian cities by the end of the year.
He said the government expects to make a lot of money from the auction, though he didn't give a figure. When the auction is expected to finish, the details of the top bidders are expected to become clearer.
Reliance JioInfocomm, which counts Meta among its backers, has been enthusiastic about the 5G upgrade. Over the years, the top Indian telecom operator has said that it is 5G capable.
The 5G bid has surprised Adani. The Asia's richest man has increased his fortune by using his infrastructure empire. India's largest coal trader is Adani.
The company is participating in the spectrum auction to provide private network solutions with enhanced cyber security in airports, ports, and other places.
The telecom ministry said that other than Adani and Ambani, other companies are in the running for the contract. As they anticipate consumption of data to grow, Telecoms are looking at 5G as a way to boost their own revenues.
India is willing to sell 72 gigahertz of spectrum for 20 years in various frequencies.
According to a report last month, 5G is expected to reach 50 million subscribers in the region by the end of the year.
The region will have around 500 million mobile subscriptions by the end of the decade. The number of 4G subscriptions is expected to decline every year as subscribers migrate to 5G.
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