Idea Cellular pays $4.8 bn for spectrum, most in auction

Idea Cellular, country's third-biggest mobile operator by market share, spent Rs 303.06 billion ($4.84 billion) to buy mobile airwaves in the country's spectrum auctions, telecom minister Ravi Shankar Prasad said on Thursday.

That was the single biggest amount spent. Together with market leaders Bharti Airtel and Vodafone Group Plc's India unit, the top three players paid Rs 855.75 billion, or about 78 per cent of the total airwaves sold, according to figures provided by the minister.

The government expects to receive about Rs 288.72 billion ($4.61 billion) in initial payments, which winning bidders have to make by April 4.

The government raised a record $17.6 billion from the sale of mobile phone airwaves after 19 days of fierce bidding that ended Wednesday.

($1 = Rs 62.6700)

(Reuters)