Mukesh Ambani backed Jio has emerged as the single largest buyer in the spectrum auction doling out a hefty $7.8 bn. This compared to a $2.6 billon spent by Sunil Mittal promoted Bharti Airtel.
Jio was focused on renewing the crucial 800MHz band. It has mopped up 58% of the spectrum available in this band ensuring wider coverage for the telecom giant.
After the four rounds of auction, the kitty topping Rs 77,000 cr has far exceeded the govt’s expectations.