2G telecom spectrum auction begins today

November 12, 2012 08:37

The auction for 2G telecom spectrum is set to begin at 9 am today.

The telecom ministry had planned to hold two separate auctions for airwaves used by Global System for Mobiles and Code Division Multiple Access -- based mobile phone carriers hoping to reap a combined Rs. 40,000 crore to plug a high fiscal deficit, reports NDTV.

However, there are no bidders for CDMA spectrum after Tata Teleservices pulled out of the auction last week.

The absence of bidders for CDMA spectrum means that the government may fall short of the Rs. 40,000 crore revenue target from the auctions.. The government has set a base price of Rs 14,000 crore for 5 mega hertz of GSM airwaves in all the 22 zones -- more than seven times what companies paid in the 2008 grant process.

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