At Rs 5.66 lakh crore, PM Narendra Modi clears ways for mega spectrum auction

By: FE Online | Updated: Wed June 22 2016, 7:46 pm

The Prime Minister Narendra Modi-led Cabinet has cleared the way for mega auction of spectrum in which airwaves worth Rs 5.66 lakh crore will be put for sale in country. The Union Cabinet today approved the mega-spectrum auction plan which is estimated to fetch about Rs 5.66 lakh crore to the exchequer. "Yes, spectrum auction proposal has been cleared," an official source said. Government expects to raise at least Rs 64,000 crore from the auction of about 2300 Mhz of spectrum and Rs 98,995 crore from various levies and services in the telecom sector. According to sources, the main document of auction, notice inviting application, is likely to be issued by July 1, followed by pre-bid conference on July 6. The bidding is expected from September 1. The plans are yet to be confirmed officially.

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