Indian 3G auction passes $4b

Nicole McCormick
16 Apr 2010
00:00

Five days in and India’s 3G auction has attracted more than $4 billion in bids.

With six rounds complete, bidding closed yesterday at 196.68 billion rupees ($4.44b), which means the government is more than half way to achieving its 350 billion-rupee target.

Yesterday was the highest single day of bidding, drawing some 48.31 billion rupees, 38% higher than the reserve price.

The western state of Gujarat, which has a population of more than 50 million people, again topped the day’s bidding with three bidders pushing total bids to 4.87 billion rupees, more than Delhi’s 4.64 billion rupees.

Tamil Nadu took the third highest bid price of 4.56 billion rupee, followed by Maharashtra and Andhra Pradesh with bids of 4.51 billion rupees

Bids for Mumbai and Karnataka were unchanged at 4.42 billion rupees.

There’s still no bidding on four circles – Punjab, West Bengal, Orissa and Jammu & Kashmir.

The auction, which began on April 9, is expected to last one to two weeks.

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