Rs 77,146 crore bids for spectrum auction on Day 1

Spectrum auction has attracted Rs 77,146 crore of bids on the opening day on Monday prompting the government to claim that industry response was better than expected.

The bids that have come till 6 PM today are worth Rs 77,146 crore. We thought since there are only three players, and spectrum replacement is happening...our estimation was that the bids will touch about Rs 45,000 crore, but it is a matter of assurance that it has gone as high as Rs 77,146 crore," Telecom Minister Ravi Shankar Prasad told reporters here.

Reliance Jio, Bharti Airtel, and Vodafone Idea participated in bidding process.

There were, however, no takers for spectrum in 700 MHz and 2500 MHz bands on the first day, and the auctions will continue and conclude on Tuesday.

About 2,308.80 MHz of spectrum, that carry telecom signals, in seven bands worth nearly Rs 4 lakh crore at the reserve or start price, was offered for bidding in the auction that began on Monday.

A total of 2,308.80 MHz spectrum is being put to auction, out of which there have been bids for 849.20 MHz so far, an official release said.

Bids were received in 800 MHz, 900 MHz, 1800 MHz, 2100 MHz and 2300 MHz bands.