33
1 India Spectrum Auctions *This case has been designed for iCreate 2015 and is for illustrative purposes only. The wireless spectrum auctions took place in March 2015 and ended after 114 rounds of bidding. Finally the results showed that the Government will collect Rs.1,097 billion from this auction. Annexure 1: Spectrum pre and post auctions Annexure 2: March'15 auction results Annexure 3: Round-wise bids by operator, area and band Immediately after the auctions ended, equity analyst CLSA put out some comments, extracts of which are given below: In March 2015, the spectrum auctions ended and operator-wise details reveal highest spend by Idea Cellular at Rs301bn and Rs291bn by Bharti Airtel (of which c.40% was for new 3G/4G spectrum). Of the government’s Rs1.1 trillion aggregate collection, Rs290bn (US$4.7bn) will be payable upfront. The spectrum auction ended with the 900MHz band 111% above reserve price and government collecting aggregate Rs1.1tn (US$17.7bn). However, of this Rs290bn (~US$4.7bn) needs to be paid upfront by operators. Of Bharti Airtel’s spend, 40% has been for new 3G/4G spectrum wins. CLSA estimates that the additional spectrum burden will reduce FY17-18CL earnings by ~2% and 10-20% for Bharti Airtel and Idea Cellular mainly due to higher amortisation and interest on deferred spectrum payments. Net debt/Ebitda will also increase, with Idea Cellular seeing the biggest jump to 3.9x net debt to Ebitda, followed by Bharti Airtel at 3x and Reliance Comm net debt to Ebitda at 5.3x. With added spectrum wins, Bharti Airtel now has a pan-India 3G (except Kerala) and pan-India 4G (LTE-TDD/LTE-FDD) and the best spectrum utilisation in the sector. In this auction, Idea Cellular won back crucial renewal spectrum in all nine circles and 900MHz in Kolkata, but it is still missing 3G in nine of 22 circles. Bharti Airtel has seen wins in all six renewal circles as well as added 900MHz wins in four circles, 1800MHz in six circles and 2100MHz in seven circles. Besides new spectrum wins, mainly for Bharti Airtel, this auction has ended spectrum renewal risks for the next five years for all three incumbents, as the next major bunched-up spectrum expiry will be in 2020. In 2020, BSNL and RCom will see maximum renewals, while Bharti Airtel, Vodafone and Idea Cellular - have little exposure. CLSA view is that this will allow top operators to increase their outlay on network rollouts and capitalise on the data boom. Also with an end of the auction, the sector consolidation opportunity will accelerate alongside improvements in fundamentals. Bharti Airtel, Vodafone and Idea Cellular already control 72% of sector revenue and have gained 90bps share in 3QFY15. Meanwhile, with aggressive infrastructure sharing and no handset subsidies, operators continue to drive growth and boost margins by expanding data networks in a cost-effective manner.

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Page 1: Case Study_Finance_India Spectrum Auctions

1

India Spectrum Auctions

*This case has been designed for iCreate 2015 and is for illustrative purposes only.

The wireless spectrum auctions took place in March 2015 and ended after 114 rounds of bidding. Finally the

results showed that the Government will collect Rs.1,097 billion from this auction.

Annexure 1: Spectrum pre and post auctions

Annexure 2: March'15 auction results

Annexure 3: Round-wise bids by operator, area and band

Immediately after the auctions ended, equity analyst CLSA put out some comments, extracts of which are

given below:

In March 2015, the spectrum auctions ended and operator-wise details reveal highest spend by Idea Cellular

at Rs301bn and Rs291bn by Bharti Airtel (of which c.40% was for new 3G/4G spectrum). Of the government’s

Rs1.1 trillion aggregate collection, Rs290bn (US$4.7bn) will be payable upfront.

The spectrum auction ended with the 900MHz band 111% above reserve price and government collecting aggregate Rs1.1tn (US$17.7bn). However, of this Rs290bn (~US$4.7bn) needs to be paid upfront by operators. Of Bharti Airtel’s spend, 40% has been for new 3G/4G spectrum wins. CLSA estimates that the additional spectrum burden will reduce FY17-18CL earnings by ~2% and 10-20% for Bharti Airtel and Idea Cellular mainly due to higher amortisation and interest on deferred spectrum payments. Net debt/Ebitda will also increase, with Idea Cellular seeing the biggest jump to 3.9x net debt to Ebitda, followed by Bharti Airtel at 3x and Reliance Comm net debt to Ebitda at 5.3x. With added spectrum wins, Bharti Airtel now has a pan-India 3G (except Kerala) and pan-India 4G (LTE-TDD/LTE-FDD) and the best spectrum utilisation in the sector.

In this auction, Idea Cellular won back crucial renewal spectrum in all nine circles and 900MHz in Kolkata, but it is still missing 3G in nine of 22 circles. Bharti Airtel has seen wins in all six renewal circles as well as added 900MHz wins in four circles, 1800MHz in six circles and 2100MHz in seven circles. Besides new spectrum wins, mainly for Bharti Airtel, this auction has ended spectrum renewal risks for the next five years for all three incumbents, as the next major bunched-up spectrum expiry will be in 2020. In 2020, BSNL and RCom will see maximum renewals, while Bharti Airtel, Vodafone and Idea Cellular - have little exposure.

CLSA view is that this will allow top operators to increase their outlay on network rollouts and capitalise on

the data boom. Also with an end of the auction, the sector consolidation opportunity will accelerate alongside

improvements in fundamentals. Bharti Airtel, Vodafone and Idea Cellular already control 72% of sector

revenue and have gained 90bps share in 3QFY15. Meanwhile, with aggressive infrastructure sharing and no

handset subsidies, operators continue to drive growth and boost margins by expanding data networks in a

cost-effective manner.

Page 2: Case Study_Finance_India Spectrum Auctions

2

Questions:

1. What has been the spectrum acquisition strategy for each of the telecom operators? 2. What is the justification for each of the winning bidders for such expensive spectrum? Typically, how

did they build a business case? 3. What do investors look for while studying the impact of such large spectrum buy-outs on the share

prices of bidders? 4. With the benefit of hindsight, and based on the round-wise bidding data, comment on the

appropriateness of the bidding strategy

Page 3: Case Study_Finance_India Spectrum Auctions

Annexure 1- Spectrum Pre and Post Mar'15 Auction

(Qty in Mhz)

Bharti Airtel ltd

Service Area 900 MHz 1800 MHz800

MHz2100 MHz 2300 MHz 900 MHz 1800 MHz 800 MHz 2100 900 MHz 1800 MHz 800 MHz

2100

MHz

2300

MHz

Andhra Pradesh - 8.80 - 5.00 - 9.00 1.20 9.00 10.00 - 5.00 -

Assam 1.80 5.65 - 5.00 - 6.20 8.00 5.65 - 5.00 -

Bihar 6.20 3.00 - 5.00 - 1.60 7.80 3.00 - 5.00 -

Delhi 6.00 7.00 - 5.00 20.00 6.00 7.00 - 5.00 20.00

Gujarat - 6.20 - - - 5.00 - 6.20 - 5.00 -

Haryana - 6.20 - - 20.00 3.40 5.00 - 9.60 - 5.00 20.00

Himachal Pradesh - 10.20 - 5.00 - 7.40 7.40 10.20 - 5.00 -

Jammu & Kashmir 6.20 2.60 - 5.00 - 6.20 2.60 - 5.00 -

Karnataka - 8.80 - 5.00 20.00 8.80 8.80 8.80 - 5.00 20.00

Kerala - 11.20 - - 20.00 - 11.20 - - 20.00

Kolkata 7.00 5.00 - - 20.00 2.00 7.00 7.00 - - 20.00

Madhya Pradesh - 12.00 - - - 5.00 - 12.00 - 5.00 -

Maharashtra - 8.20 - - 20.00 5.00 - 8.20 - 5.00 20.00

Mumbai 5.00 15.20 - 5.00 20.00 5.00 15.20 - 5.00 20.00

North East - 7.00 - 5.00 - 8.80 1.60 8.80 8.60 - 5.00 -

Orissa 6.20 6.80 - - - 1.20 6.20 5.00 7.40 13.00 - 5.00 -

Punjab - 8.20 - - 20.00 10.00 1.00 10.00 9.20 - - 20.00

Rajasthan - 8.20 - 5.00 - 6.00 6.00 8.20 - 5.00 -

Tamil Nadu 6.20 8.00 - 5.00 - 5.00 6.20 8.00 - 10.00 -

Uttar Pradesh (East) 6.20 1.00 - - - 5.00 6.20 1.00 - 5.00 -

Uttar Pradesh (West) - 6.20 - 5.00 - - 6.20 - 5.00 -

West Bengal 4.40 6.20 - 5.00 - 2.20 6.60 6.20 - 5.00 -

Total 55.20 161.65 - 65.00 160.00 61.20 15.40 - 35.00 116.40 177.05 - 100.00 160.00

(Qty in Mhz)

Idea Cellular ltd

Service Area 900 MHz 1800 MHz800

MHz2100 MHz 2300 MHz 900 MHz 1800 MHz 800 MHz 2100 900 MHz 1800 MHz 800 MHz

2100

MHz

2300

MHz

Andhra Pradesh - 6.00 - 5.00 - 5.00 5.00 6.00 - 5.00 -

Assam - 5.00 - - - - 5.00 - - -

Bihar - 5.65 - - - - 5.65 - - -

Delhi 5.00 8.60 - - - 5.00 8.60 - - -

Gujarat - 1.60 - 5.00 - 5.00 5.00 1.60 - 5.00 -

Haryana - 6.00 - 5.00 - 6.00 6.00 6.00 - 5.00 -

Himachal Pradesh - 4.40 - 5.00 - 4.80 - 9.20 - 5.00 -

Jammu & Kashmir - 5.00 - 5.00 - - 5.00 - 5.00 -

Karnataka - 5.00 - - - 5.00 1.00 5.00 6.00 - - -

Kerala - 10.00 - 5.00 - 6.00 6.00 10.00 - 5.00 -

Kolkata - 5.00 - - - 5.00 - 5.00 - 5.00 -

Madhya Pradesh - 7.00 - 5.00 - 7.40 7.40 7.00 - 5.00 -

Maharashtra - 9.00 - 5.00 - 9.00 9.00 9.00 - 5.00 -

Mumbai - 6.40 - - - - 6.40 - - -

North East - 10.00 - - - 1.00 - 11.00 - - -

Orissa - 5.00 - - - 5.00 - 10.00 - - -

Punjab - 8.00 - 5.00 - 5.60 5.60 8.00 - 5.00 -

Rajasthan - 6.20 - - - - 6.20 - - -

Tamil Nadu - 5.00 - - - 6.40 - 11.40 - - -

Uttar Pradesh (East) - 6.20 - 5.00 - - 6.20 - 5.00 -

Uttar Pradesh (West) - - - 5.00 - 5.00 2.20 5.00 2.20 - 5.00 -

West Bengal - 6.25 - - - - 6.25 - - -

Total 5.00 131.30 - 55.00 - 54.00 20.40 - 5.00 59.00 151.70 - 60.00 -

Holding Prior to Mar 15 Spectrum Auction Bought in Mar 15 Holding Post Mar 15 Spectrum Auction

Holding Prior to Mar 15 Spectrum Auction Bought in Mar 15 Holding Post Mar 15 Spectrum Auction

Page 1 of 31

Page 4: Case Study_Finance_India Spectrum Auctions

Annexure 1- Spectrum Pre and Post Mar'15 Auction (contd)

(Qty in Mhz)

RJIO

Service Area 900 MHz 1800 MHz800

MHz2100 MHz 2300 MHz 900 MHz 1800 MHz 800 MHz 2100 900 MHz 1800 MHz 800 MHz

2100

MHz

2300

MHz

Andhra Pradesh - 5.80 - - 20.00 - 5.80 - - 20.00

Assam - 5.40 - - 20.00 5.00 - 5.40 5.00 - 20.00

Bihar - - - - 20.00 5.00 - - 5.00 - 20.00

Delhi - 5.40 - - 20.00 - 5.40 - - 20.00

Gujarat - 6.00 - - 20.00 - 6.00 - - 20.00

Haryana - - - - 20.00 4.00 5.00 - 4.00 5.00 - 20.00

Himachal Pradesh - - - - 20.00 5.40 5.00 - 5.40 5.00 - 20.00

Jammu & Kashmir - - - - 20.00 5.00 - - 5.00 - 20.00

Karnataka - 5.00 - - 20.00 - 5.00 - - 20.00

Kerala - 5.00 - - 20.00 - 5.00 - - 20.00

Kolkata - 5.00 - - 20.00 5.00 - 10.00 - - 20.00

Madhya Pradesh - 6.40 - - 20.00 5.00 - 6.40 5.00 - 20.00

Maharashtra - 5.00 - - 20.00 - 5.00 - - 20.00

Mumbai - 6.60 - - 20.00 5.00 - 6.60 5.00 - 20.00

North East - 6.40 - - 20.00 5.00 - 6.40 5.00 - 20.00

Orissa - 5.00 - - 20.00 5.00 - 5.00 5.00 - 20.00

Punjab - - - - 20.00 - - - - 20.00

Rajasthan - - - - 20.00 10.00 - 10.00 - - 20.00

Tamil Nadu - 6.20 - - 20.00 0.60 - 6.80 - - 20.00

Uttar Pradesh (East) - - - - 20.00 3.00 3.75 - 3.00 3.75 - 20.00

Uttar Pradesh (West) - - - - 20.00 - - - - 20.00

West Bengal - 5.60 - - 20.00 - 5.60 - - 20.00

Total - 78.80 - - 440.00 - 28.00 48.75 - - 106.80 48.75 - 440.00

(Qty in Mhz)

Vodafone

Service Area 900 MHz 1800 MHz800

MHz2100 MHz 2300 MHz 900 MHz 1800 MHz 800 MHz 2100 900 MHz 1800 MHz 800 MHz

2100

MHz

2300

MHz

Andhra Pradesh - 6.80 - - - - 6.80 - - -

Assam - 6.90 - - - 5.00 - 6.90 - 5.00 -

Bihar - 6.90 - - - - 6.90 - - -

Delhi 5.00 8.00 - 5.00 - 5.00 8.00 - 5.00 -

Gujarat - 4.40 - 5.00 - 6.00 3.40 6.00 7.80 - 5.00 -

Haryana - 4.90 - 5.00 - 6.20 6.20 4.90 - 5.00 -

Himachal Pradesh - 5.65 - - - - 5.65 - - -

Jammu & Kashmir - 6.90 - - - - 6.90 - - -

Karnataka - 13.00 - - - 5.00 - 13.00 - 5.00 -

Kerala - 8.25 - - - 6.40 1.00 5.00 6.40 9.25 - 5.00 -

Kolkata 7.00 8.00 - 5.00 - 7.00 8.00 - 5.00 -

Madhya Pradesh - 6.90 - - - - 6.90 - - -

Maharashtra - 1.25 - 5.00 - 5.00 5.00 1.25 - 5.00 -

Mumbai 11.00 8.20 - 5.00 - 11.00 8.20 - 5.00 -

North East - 6.90 - - - 5.00 - 6.90 - 5.00 -

Orissa - 6.90 - - - 5.00 5.00 6.90 - - -

Punjab - 8.05 - - - - 8.05 - - -

Rajasthan - 0.80 - - - 6.40 5.00 6.40 0.80 - 5.00 -

Tamil Nadu - 8.00 - 5.00 - - 8.00 - 5.00 -

Uttar Pradesh (East) - 5.25 - 5.00 - 5.60 1.20 5.60 6.45 - 5.00 -

Uttar Pradesh (West) 6.20 2.50 - - - 5.00 6.20 2.50 - 5.00 -

West Bengal 4.40 4.30 - 5.00 - 2.20 6.60 4.30 - 5.00 -

Total 33.60 138.75 - 45.00 - 42.80 5.60 - 30.00 76.40 144.35 - 75.00 -

Note:

Spectrum held by operators (prior to Mar 15 Spectrum Auction) is as per the DoT published data dated 31 Jan 2015

Spectrum in 900 MHz, 1800 MHz, 800 MHz and 2100 MHz band is Paired

Spectrum in 2300 MHz Band is Unpaired

Holding Prior to Mar 15 Spectrum Auction Bought in Mar 15 Holding Post Mar 15 Spectrum Auction

Holding Prior to Mar 15 Spectrum Auction Bought in Mar 15 Holding Post Mar 15 Spectrum Auction

Page 2 of 31

Page 5: Case Study_Finance_India Spectrum Auctions

Annexure 2- Mar'15 Auction Results

900

Mhz

1800

Mhz

2100

Mhz

Total

Mhz

900 (in

Cr's)

1800 (in

Cr's)

2100 (in

Cr's)

Total (in

Cr's)

900

Mhz

1800

Mhz

2100

Mhz

Total

Mhz

900 (in

Cr's)

1800 (in

Cr's)

2100 (in

Cr's)

Total (in

Cr's)

Andhra Pradesh 9.00 1.20 - 10.20 6,126.75 291.36 - 6,418.11 5.00 - - 5.00 3,403.75 - - 3,403.75

Assam 6.20 - - 6.20 1,146.69 - - 1,146.69 - - - - - - - -

Bihar 1.60 - - 1.60 710.88 - - 710.88 - - - - - - - -

Tamilnadu - - 5.00 5.00 - - 1,720.00 1,720.00 - 6.40 - 6.40 - 1,440.00 - 1,440.00

Delhi - - - - - - - - - - - - - - - -

Gujarat - - 5.00 5.00 - - 1,290.00 1,290.00 5.00 - - 5.00 3,365.00 - - 3,365.00

Haryana - 3.40 5.00 8.40 - 158.44 230.00 388.44 6.00 - - 6.00 907.20 - - 907.20

Himachal Pradesh 7.40 - - 7.40 425.13 - - 425.13 - 4.80 - 4.80 - 76.32 - 76.32

J&K - - - - - - - - - - - - - - - -

Karnataka 8.80 - - 8.80 4,906.00 - - 4,906.00 5.00 1.00 - 6.00 2,787.50 185.00 - 2,972.50

Kerala - - - - - - - - 6.00 - - 6.00 2,216.40 - - 2,216.40

Kolkata - 2.00 - 2.00 - 298.20 - 298.20 - - 5.00 5.00 - - 577.97 577.97

Madhya Pradesh - - 5.00 5.00 - - 456.75 456.75 7.40 - - 7.40 2,290.30 - - 2,290.30

Maharashtra - - 5.00 5.00 - - 1,505.00 1,505.00 9.00 - - 9.00 6,957.00 - - 6,957.00

Mumbai - - - - - - - - - - - - - - - -

Orissa 1.20 6.20 5.00 12.40 166.80 205.22 180.26 552.28 - 5.00 - 5.00 - 165.50 - 165.50

Punjab 10.00 1.00 - 11.00 3,607.50 71.00 - 3,678.50 5.60 - - 5.60 2,020.20 - - 2,020.20

UP East - - 5.00 5.00 - - 451.50 451.50 - - - - - - - -

UPW - - - - - - - - 5.00 2.20 - 7.20 3,692.75 211.09 - 3,903.84

West Bengal 2.20 - - 2.20 456.50 - - 456.50 - - - - - - - -

North East 8.80 1.60 - 10.40 456.72 17.60 - 474.32 - 1.00 - 1.00 - 11.00 - 11.00

Rajasthan 6.00 - - 6.00 4,251.90 - - 4,251.90 - - - - - - - -

Total 61.20 15.40 35.00 111.60 22,254.87 1,041.82 5,833.51 29,130.20 54.00 20.40 5.00 79.40 27,640.10 2,088.91 577.97 30,306.98

Idea Cellular LtdBharti Airtel Ltd

Service Area

Page 3 of 31

Page 6: Case Study_Finance_India Spectrum Auctions

Annexure 2- Mar'15 Auction Results

Andhra Pradesh

Assam

Bihar

Tamilnadu

Delhi

Gujarat

Haryana

Himachal Pradesh

J&K

Karnataka

Kerala

Kolkata

Madhya Pradesh

Maharashtra

Mumbai

Orissa

Punjab

UP East

UPW

West Bengal

North East

Rajasthan

Total

Service Area 900

Mhz

1800

Mhz

2100

Mhz

Total

Mhz

900 (in

Cr's)

1800 (in

Cr's)

2100 (in

Cr's)

Total (in

Cr's)

800

Mhz

1800

Mhz

Total

Mhz

800 (in

Cr's)

1800 (in

Cr's)

Total (in

Cr's)

- - - - - - - - - - - - - -

- - 5.00 5.00 - - 193.18 193.18 4.92 - 4.92 411.08 - 411.08

- - - - - - - - 4.92 - 4.92 429.24 - 429.24

- - - - - - - - - - - - - -

- - - - - - - - - - - - - -

6.00 3.40 - 9.40 4,038.00 809.20 - 4,847.20 - - - - - -

6.20 - - 6.20 937.44 - - 937.44 4.92 4.00 8.92 282.84 186.40 469.24

- - - - - - - - 4.92 5.40 10.32 97.84 85.86 183.70

- - - - - - - - 4.92 - 4.92 141.40 - 141.40

- - 5.00 5.00 - - 1,642.36 1,642.36 - - - - - -

6.40 1.00 5.00 12.40 2,364.16 83.45 588.57 3,036.18 - - - - - -

- - - - - - - - - 5.00 5.00 - 745.50 745.50

- - - - - - - - 4.92 - 4.92 2,041.96 - 2,041.96

5.00 - - 5.00 3,865.00 - - 3,865.00 - - - - - -

- - - - - - - - 4.92 - 4.92 3,637.48 - 3,637.48

5.00 - - 5.00 695.00 - - 695.00 4.92 - 4.92 205.20 - 205.20

- - - - - - - - - - - - - -

5.60 1.20 - 6.80 4,343.36 128.34 - 4,471.70 3.69 3.00 6.69 502.50 320.85 823.35

- - 5.00 5.00 - - 525.35 525.35 - - - - - -

2.20 - - 2.20 456.50 - - 456.50 - - - - - -

- - 5.00 5.00 - - 55.35 55.35 4.92 - 4.92 126.88 - 126.88

6.40 - 5.00 11.40 4,535.36 - 699.12 5,234.48 - 10.00 10.00 - 727.50 727.50

42.80 5.60 30.00 78.40 21,234.82 1,020.99 3,703.93 25,959.74 47.97 27.40 75.37 7,876.42 2,066.11 9,942.53

Voda R Jio

Page 4 of 31

Page 7: Case Study_Finance_India Spectrum Auctions

Annexure 3 : Bids by Service Area and Band

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

1 Andhra Pradesh 900 MHz M/S Idea Cellular Ltd 91.8 25

1 Andhra Pradesh 900 MHz M/S Tata Teleservices Ltd 91.8 25

1 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 91.8 25

1 Andhra Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 91.8 25

1 Andhra Pradesh 1800 MHz M/S Telewings Communications Services (P) Ltd 33.8 19

1 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 33.8 6

1 Assam 800 MHz M/s Vodafone India Ltd 35 4

1 Assam 800 MHz M/S Bharti Airtel Ltd 35 4

1 Assam 900 MHz M/S Idea Cellular Ltd 14.8 25

1 Assam 900 MHz M/S Reliance Communications Ltd 14.8 25

1 Assam 900 MHz M/S Bharti Airtel Ltd 14.8 6

1 Assam 2100 MHz M/s Vodafone India Ltd 145 1

1 Assam 2100 MHz M/S Idea Cellular Ltd 145 1

1 Bihar 900 MHz M/S Idea Cellular Ltd 29.6 25

1 Bihar 900 MHz M/S Bharti Airtel Ltd 29.6 6

1 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 29.6 25

1 Gujarat 900 MHz M/s Vodafone India Ltd 84.8 45

1 Gujarat 900 MHz M/S Idea Cellular Ltd 84.8 25

1 Gujarat 900 MHz M/S Tata Teleservices Ltd 84.8 25

1 Gujarat 900 MHz M/S Reliance Communications Ltd 84.8 31

1 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 84.8 25

1 Gujarat 2100 MHz M/S Bharti Airtel Ltd 1290 1

1 Haryana 800 MHz M/S Bharti Airtel Ltd 47.5 4

1 Haryana 900 MHz M/s Vodafone India Ltd 15.2 37

1 Haryana 900 MHz M/S Idea Cellular Ltd 15.2 25

1 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 15.2 25

1 Haryana 2100 MHz M/S Bharti Airtel Ltd 230 1

1 Haryana 800 MHz M/S Bharti Airtel Ltd 23.75 4

1 Himachal Pradesh 900 MHz M/s Vodafone India Ltd 5.4 31

1 Himachal Pradesh 900 MHz M/S Aircel Ltd 5.4 44

1 Himachal Pradesh 900 MHz M/S Reliance Communications Ltd 5.4 26

1 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 5.4 36

1 Himachal Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 5.4 25

1 Himachal Pradesh 800 MHz M/S Bharti Airtel Ltd 35 4

1 Jammu & Kashmir 900 MHz M/s Vodafone India Ltd 74 31

1 Karnataka 900 MHz M/S Idea Cellular Ltd 74 25

1 Karnataka 900 MHz M/S Bharti Airtel Ltd 74 25

1 Karnataka 1800 MHz M/S Idea Cellular Ltd 37 5

1 Karnataka 1800 MHz M/S Reliance Communications Ltd 37 3

1 Karnataka 900 MHz M/s Vodafone India Ltd 33.6 31

1 Kerala 900 MHz M/S Idea Cellular Ltd 33.6 25

1 Kerala 900 MHz M/S Reliance JIO Infocomm Ltd 33.6 25

1 Kerala 2100 MHz M/s Vodafone India Ltd 555 1

1 Kerala 2100 MHz M/S Bharti Airtel Ltd 555 1

1 Kerala 1800 MHz M/S Bharti Airtel Ltd 14.6 24

1 Kolkata 2100 MHz M/S Idea Cellular Ltd 545 1

1 Kolkata 2100 MHz M/S Bharti Airtel Ltd 545 1

1 Kolkata 800 MHz M/S Idea Cellular Ltd 113.75 4

1 Madhya Pradesh 800 MHz M/S Bharti Airtel Ltd 113.75 4

1 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 35 25

1 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 35 25

1 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 35 25

1 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 435 1

1 Madhya Pradesh 800 MHz M/S Bharti Airtel Ltd 423.75 3

1 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 105 35

1 Maharashtra 900 MHz M/S Idea Cellular Ltd 105 25

1 Maharashtra 900 MHz M/S Tata Teleservices Ltd 105 25

1 Maharashtra 900 MHz M/S Reliance Communications Ltd 105 25

1 Maharashtra 900 MHz M/S Reliance JIO Infocomm Ltd 105 25

1 Maharashtra 2100 MHz M/S Bharti Airtel Ltd 1505 1

1 Maharashtra 800 MHz M/S Idea Cellular Ltd 548.75 4

1 Maharashtra 800 MHz M/s Vodafone India Ltd 13.75 4

1 Mumbai 800 MHz M/S Bharti Airtel Ltd 13.75 4

1 North East 2100 MHz M/s Vodafone India Ltd 40 1

1 North East 2100 MHz M/S Idea Cellular Ltd 40 1

1 North East 800 MHz M/S Bharti Airtel Ltd 47.5 4

1 North East 900 MHz M/s Vodafone India Ltd 13.4 31

1 Odisha 900 MHz M/S Aircel Ltd 13.4 31

Page 5 of 31

Page 8: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

1 Odisha 900 MHz M/S Idea Cellular Ltd 13.4 25

1 Odisha 900 MHz M/S Reliance Communications Ltd 13.4 25

1 Odisha 900 MHz M/S Bharti Airtel Ltd 13.4 6

1 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 13.4 25

1 Odisha 1800 MHz M/S Bharti Airtel Ltd 4.6 25

1 Odisha 2100 MHz M/S Idea Cellular Ltd 165 1

1 Odisha 2100 MHz M/S Bharti Airtel Ltd 165 1

1 Odisha 900 MHz M/s Vodafone India Ltd 30.2 28

1 Odisha 900 MHz M/S Idea Cellular Ltd 30.2 28

1 Punjab 900 MHz M/S Bharti Airtel Ltd 30.2 49

1 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 30.2 26

1 Punjab 900 MHz M/s Vodafone India Ltd 39.4 31

1 Punjab 900 MHz M/S Bharti Airtel Ltd 39.4 31

1 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 39.4 25

1 Rajasthan 2100 MHz M/s Vodafone India Ltd 435 1

1 Rajasthan 2100 MHz M/S Idea Cellular Ltd 435 1

1 Rajasthan 1800 MHz M/S Aircel Ltd 45 25

1 Rajasthan 2100 MHz M/S Bharti Airtel Ltd 1720 1

1 Tamil Nadu 900 MHz M/s Vodafone India Ltd 45.6 31

1 Tamil Nadu 900 MHz M/S Tata Teleservices Ltd 45.6 25

1 Uttar Pradesh (East) 900 MHz M/S Reliance JIO Infocomm Ltd 45.6 25

1 Uttar Pradesh (East) 2100 MHz M/s Vodafone India Ltd 430 1

1 Uttar Pradesh (East) 2100 MHz M/S Bharti Airtel Ltd 430 1

1 Uttar Pradesh (East) 900 MHz M/S Aircel Ltd 34 31

1 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 34 31

1 Uttar Pradesh (West) 900 MHz M/S Tata Teleservices Ltd 34 25

1 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 34 25

1 Uttar Pradesh (West) 2100 MHz M/s Vodafone India Ltd 515 1

1 Uttar Pradesh (West) 900 MHz M/S Reliance Communications Ltd 22.2 22

2 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 97.3 25

2 West Bengal 900 MHz M/S Tata Teleservices Ltd 97.3 25

2 Andhra Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 97.3 25

2 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 34.47 6

2 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 15.54 25

2 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 15.54 25

2 Assam 900 MHz M/s Vodafone India Ltd 31.08 31

2 Assam 900 MHz M/S Reliance JIO Infocomm Ltd 31.08 25

2 Bihar 900 MHz M/S Idea Cellular Ltd 93.28 25

2 Bihar 900 MHz M/S Tata Teleservices Ltd 93.28 25

2 Gujarat 900 MHz M/S Reliance Communications Ltd 93.28 31

2 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 93.28 25

2 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 15.96 25

2 Gujarat 900 MHz M/s Vodafone India Ltd 5.94 31

2 Haryana 900 MHz M/S Reliance Communications Ltd 5.94 26

2 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 5.94 36

2 Himachal Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 5.94 25

2 Himachal Pradesh 900 MHz M/s Vodafone India Ltd 76.22 31

2 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 76.22 25

2 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 34.94 25

2 Karnataka 2100 MHz M/S Bharti Airtel Ltd 582.75 1

2 Kerala 2100 MHz M/S Bharti Airtel Ltd 572.25 1

2 Kerala 800 MHz M/S Bharti Airtel Ltd 117.16 4

2 Kolkata 900 MHz M/s Vodafone India Ltd 36.05 25

2 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 36.05 25

2 Madhya Pradesh 2100 MHz M/S Bharti Airtel Ltd 456.75 1

2 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 115.5 25

2 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 115.5 25

2 Maharashtra 900 MHz M/S Reliance JIO Infocomm Ltd 115.5 25

2 Maharashtra 900 MHz M/s Vodafone India Ltd 5.8 44

2 Maharashtra 900 MHz M/s Vodafone India Ltd 14.74 31

2 North East 900 MHz M/S Aircel Ltd 14.74 31

2 Odisha 900 MHz M/S Reliance Communications Ltd 14.74 25

2 Odisha 900 MHz M/S Bharti Airtel Ltd 14.74 6

2 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 14.74 25

2 Odisha 2100 MHz M/S Bharti Airtel Ltd 173.25 1

2 Odisha 900 MHz M/s Vodafone India Ltd 33.22 28

2 Odisha 900 MHz M/S Idea Cellular Ltd 33.22 25

2 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 33.22 26

2 Punjab 900 MHz M/s Vodafone India Ltd 41.37 25

2 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 41.37 25

2 Rajasthan 900 MHz M/S Tata Teleservices Ltd 50.16 25

Page 6 of 31

Page 9: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

2 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 50.16 25

2 Uttar Pradesh (East) 2100 MHz M/S Bharti Airtel Ltd 451.5 1

2 Uttar Pradesh (East) 900 MHz M/S Aircel Ltd 37.4 31

2 Uttar Pradesh (East) 900 MHz M/S Tata Teleservices Ltd 37.4 25

2 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 37.4 25

3 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 98.27 31

3 Uttar Pradesh (West) 900 MHz M/S Idea Cellular Ltd 98.27 25

3 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 98.27 25

3 Andhra Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 98.27 25

3 Andhra Pradesh 1800 MHz M/S Telewings Communications Services (P) Ltd 34.47 19

3 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 16.16 31

3 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 16.16 6

3 Assam 2100 MHz M/s Vodafone India Ltd 152.25 1

3 Assam 900 MHz M/s Vodafone India Ltd 32.63 31

3 Assam 900 MHz M/S Idea Cellular Ltd 32.63 25

3 Bihar 900 MHz M/S Bharti Airtel Ltd 32.63 6

3 Bihar 900 MHz M/S Idea Cellular Ltd 100.74 25

3 Bihar 900 MHz M/S Tata Teleservices Ltd 100.74 25

3 Gujarat 900 MHz M/S Reliance Communications Ltd 100.74 38

3 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 100.74 25

3 Gujarat 900 MHz M/S Idea Cellular Ltd 15.96 25

3 Gujarat 900 MHz M/s Vodafone India Ltd 6.53 31

3 Haryana 900 MHz M/S Aircel Ltd 6.53 44

3 Himachal Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 6.53 25

3 Himachal Pradesh 900 MHz M/S Idea Cellular Ltd 76.22 25

3 Himachal Pradesh 900 MHz M/S Idea Cellular Ltd 34.94 25

3 Karnataka 2100 MHz M/s Vodafone India Ltd 588.57 1

3 Kerala 2100 MHz M/S Idea Cellular Ltd 577.97 1

3 Kerala 800 MHz M/S Idea Cellular Ltd 117.16 4

3 Kolkata 900 MHz M/s Vodafone India Ltd 36.05 37

3 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 36.05 25

3 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 36.05 25

3 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 116.65 25

3 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 116.65 25

3 Maharashtra 900 MHz M/S Reliance Communications Ltd 116.65 25

3 Maharashtra 900 MHz M/S Reliance JIO Infocomm Ltd 116.65 25

3 Maharashtra 2100 MHz M/s Vodafone India Ltd 42 1

3 Maharashtra 900 MHz M/s Vodafone India Ltd 16.21 31

3 North East 900 MHz M/S Aircel Ltd 16.21 31

3 Odisha 900 MHz M/S Bharti Airtel Ltd 16.21 6

3 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 16.21 25

3 Odisha 2100 MHz M/S Idea Cellular Ltd 174.98 1

3 Odisha 900 MHz M/s Vodafone India Ltd 33.55 39

3 Odisha 900 MHz M/S Idea Cellular Ltd 33.55 28

3 Punjab 900 MHz M/S Bharti Airtel Ltd 33.55 49

3 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 33.55 26

3 Punjab 900 MHz M/S Bharti Airtel Ltd 41.37 31

3 Punjab 2100 MHz M/s Vodafone India Ltd 456.75 1

3 Rajasthan 900 MHz M/S Tata Teleservices Ltd 52.16 25

3 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 52.16 25

3 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 41.14 31

3 Uttar Pradesh (East) 900 MHz M/S Tata Teleservices Ltd 41.14 25

3 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 41.14 25

3 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 22.42 22

4 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 106.13 31

4 West Bengal 900 MHz M/S Idea Cellular Ltd 106.13 25

4 Andhra Pradesh 900 MHz M/S Tata Teleservices Ltd 106.13 25

4 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 106.13 25

4 Andhra Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 106.13 25

4 Andhra Pradesh 1800 MHz M/S Telewings Communications Services (P) Ltd 35.15 19

4 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 35.15 16

4 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 16.48 31

4 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 16.48 6

4 Assam 2100 MHz M/S Idea Cellular Ltd 153.77 1

4 Assam 900 MHz M/s Vodafone India Ltd 34.91 31

4 Assam 900 MHz M/S Idea Cellular Ltd 34.91 25

4 Bihar 900 MHz M/S Bharti Airtel Ltd 34.91 6

4 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 34.91 25

4 Bihar 900 MHz M/S Tata Teleservices Ltd 109.8 25

4 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 109.8 25

4 Gujarat 900 MHz M/s Vodafone India Ltd 15.96 37

Page 7 of 31

Page 10: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

4 Gujarat 1800 MHz M/S Bharti Airtel Ltd 6.4 27

4 Haryana 900 MHz M/S Aircel Ltd 7.05 44

4 Haryana 900 MHz M/S Bharti Airtel Ltd 7.05 36

4 Himachal Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 7.05 25

4 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 1.8 22

4 Himachal Pradesh 900 MHz M/s Vodafone India Ltd 78.5 31

4 Himachal Pradesh 900 MHz M/S Idea Cellular Ltd 78.5 25

4 Karnataka 900 MHz M/s Vodafone India Ltd 34.94 37

4 Karnataka 1800 MHz M/S Bharti Airtel Ltd 14.6 35

4 Kerala 800 MHz M/S Idea Cellular Ltd 120.67 4

4 Kolkata 900 MHz M/s Vodafone India Ltd 39.65 37

4 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 39.65 25

4 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 39.65 25

4 Madhya Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 39.65 25

4 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 123.64 25

4 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 123.64 25

4 Maharashtra 900 MHz M/S Reliance Communications Ltd 123.64 35

4 Maharashtra 900 MHz M/S Reliance JIO Infocomm Ltd 123.64 25

4 Maharashtra 2100 MHz M/S Idea Cellular Ltd 42.42 1

4 Maharashtra 900 MHz M/s Vodafone India Ltd 17.83 31

4 North East 900 MHz M/S Aircel Ltd 17.83 31

4 Odisha 900 MHz M/S Bharti Airtel Ltd 17.83 6

4 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 17.83 25

4 Odisha 2100 MHz M/S Bharti Airtel Ltd 176.72 1

4 Odisha 900 MHz M/s Vodafone India Ltd 36.9 25

4 Odisha 900 MHz M/S Idea Cellular Ltd 36.9 28

4 Punjab 900 MHz M/S Bharti Airtel Ltd 36.9 49

4 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 36.9 26

4 Punjab 1800 MHz M/S Bharti Airtel Ltd 14.2 8

4 Punjab 900 MHz M/s Vodafone India Ltd 43.02 37

4 Punjab 900 MHz M/S Bharti Airtel Ltd 43.02 31

4 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 43.02 25

4 Rajasthan 2100 MHz M/s Vodafone India Ltd 461.31 1

4 Rajasthan 900 MHz M/S Tata Teleservices Ltd 54.24 25

4 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 54.24 25

4 Uttar Pradesh (East) 900 MHz M/S Aircel Ltd 45.25 31

4 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 45.25 31

4 Uttar Pradesh (West) 900 MHz M/S Tata Teleservices Ltd 45.25 25

4 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 45.25 25

5 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 116.74 31

5 Uttar Pradesh (West) 900 MHz M/S Idea Cellular Ltd 116.74 25

5 Andhra Pradesh 900 MHz M/S Tata Teleservices Ltd 116.74 25

5 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 116.74 25

5 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 36.55 16

5 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 16.8 31

5 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 16.8 6

5 Assam 2100 MHz M/s Vodafone India Ltd 155.3 1

5 Assam 900 MHz M/s Vodafone India Ltd 38.4 31

5 Assam 900 MHz M/S Idea Cellular Ltd 38.4 25

5 Bihar 900 MHz M/S Bharti Airtel Ltd 38.4 6

5 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 38.4 25

5 Bihar 900 MHz M/S Idea Cellular Ltd 109.8 25

5 Bihar 900 MHz M/S Reliance Communications Ltd 109.8 38

5 Gujarat 900 MHz M/s Vodafone India Ltd 16.75 37

5 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 16.75 25

5 Haryana 900 MHz M/s Vodafone India Ltd 7.68 31

5 Haryana 900 MHz M/S Aircel Ltd 7.68 44

5 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 7.68 36

5 Himachal Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 7.68 25

5 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 78.5 25

5 Himachal Pradesh 900 MHz M/s Vodafone India Ltd 36.68 37

5 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 36.68 25

5 Kerala 800 MHz M/S Bharti Airtel Ltd 120.67 4

5 Kerala 900 MHz M/s Vodafone India Ltd 43.61 37

5 Madhya Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 43.61 25

5 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 133.53 25

5 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 133.53 25

5 Maharashtra 900 MHz M/S Reliance Communications Ltd 133.53 35

5 Maharashtra 2100 MHz M/s Vodafone India Ltd 42.84 1

5 Maharashtra 900 MHz M/S Aircel Ltd 19.61 31

5 North East 900 MHz M/S Bharti Airtel Ltd 19.61 6

Page 8 of 31

Page 11: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

5 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 19.61 25

5 Odisha 2100 MHz M/S Idea Cellular Ltd 178.48 1

5 Odisha 900 MHz M/s Vodafone India Ltd 40.59 39

5 Odisha 900 MHz M/S Idea Cellular Ltd 40.59 28

5 Punjab 900 MHz M/S Bharti Airtel Ltd 40.59 49

5 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 40.59 26

5 Punjab 900 MHz M/s Vodafone India Ltd 46.03 25

5 Punjab 900 MHz M/S Bharti Airtel Ltd 46.03 31

5 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 46.03 25

5 Rajasthan 900 MHz M/S Tata Teleservices Ltd 56.4 25

5 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 56.4 25

5 Uttar Pradesh (East) 900 MHz M/S Aircel Ltd 49.77 31

5 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 49.77 31

5 Uttar Pradesh (West) 900 MHz M/S Tata Teleservices Ltd 49.77 25

5 Uttar Pradesh (West) 900 MHz M/S Reliance Communications Ltd 49.77 25

5 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 49.77 25

6 Uttar Pradesh (West) 900 MHz M/S Tata Teleservices Ltd 126.07 25

6 Uttar Pradesh (West) 900 MHz M/S Bharti Airtel Ltd 126.07 25

6 Andhra Pradesh 1800 MHz M/S Telewings Communications Services (P) Ltd 36.55 19

6 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 17.13 6

6 Andhra Pradesh 2100 MHz M/S Idea Cellular Ltd 156.85 1

6 Assam 900 MHz M/S Bharti Airtel Ltd 42.24 6

6 Assam 900 MHz M/S Reliance JIO Infocomm Ltd 42.24 25

6 Bihar 900 MHz M/S Idea Cellular Ltd 119.68 25

6 Bihar 900 MHz M/S Reliance Communications Ltd 119.68 38

6 Gujarat 900 MHz M/S Idea Cellular Ltd 16.91 25

6 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 16.91 25

6 Haryana 900 MHz M/s Vodafone India Ltd 8.44 31

6 Haryana 900 MHz M/S Bharti Airtel Ltd 8.44 36

6 Himachal Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 8.44 25

6 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 80.85 25

6 Himachal Pradesh 900 MHz M/S Idea Cellular Ltd 37.04 25

6 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 37.04 25

6 Kerala 800 MHz M/S Bharti Airtel Ltd 124.29 4

6 Kerala 900 MHz M/S Idea Cellular Ltd 44.04 25

6 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 44.04 25

6 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 137.53 25

6 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 137.53 35

6 Maharashtra 2100 MHz M/S Idea Cellular Ltd 43.26 1

6 Maharashtra 900 MHz M/s Vodafone India Ltd 20.98 31

6 North East 900 MHz M/S Bharti Airtel Ltd 20.98 6

6 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 20.98 25

6 Odisha 2100 MHz M/S Bharti Airtel Ltd 180.26 1

6 Odisha 900 MHz M/S Idea Cellular Ltd 44.64 28

6 Odisha 900 MHz M/S Bharti Airtel Ltd 44.64 49

6 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 44.64 26

6 Punjab 900 MHz M/s Vodafone India Ltd 47.87 37

6 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 47.87 25

6 Rajasthan 2100 MHz M/S Idea Cellular Ltd 465.92 1

6 Rajasthan 900 MHz M/S Tata Teleservices Ltd 58.65 25

6 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 58.65 25

6 Uttar Pradesh (East) 900 MHz M/S Aircel Ltd 54.74 31

6 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 54.74 31

6 Uttar Pradesh (West) 900 MHz M/S Tata Teleservices Ltd 54.74 25

6 Uttar Pradesh (West) 900 MHz M/S Reliance Communications Ltd 54.74 25

6 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 54.74 25

7 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 126.07 31

7 Uttar Pradesh (West) 900 MHz M/S Idea Cellular Ltd 126.07 25

7 Andhra Pradesh 1800 MHz M/S Telewings Communications Services (P) Ltd 38.01 16

7 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 17.13 31

7 Andhra Pradesh 2100 MHz M/s Vodafone India Ltd 158.41 1

7 Assam 900 MHz M/s Vodafone India Ltd 42.66 25

7 Assam 900 MHz M/S Aircel Ltd 42.66 25

7 Bihar 900 MHz M/s Vodafone India Ltd 16.91 31

7 Bihar 900 MHz M/s Vodafone India Ltd 8.94 31

7 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 8.94 25

7 Himachal Pradesh 900 MHz M/s Vodafone India Ltd 80.85 31

7 Himachal Pradesh 900 MHz M/S Idea Cellular Ltd 80.85 25

7 Karnataka 900 MHz M/s Vodafone India Ltd 37.04 31

7 Karnataka 800 MHz M/S Idea Cellular Ltd 124.29 4

7 Kerala 900 MHz M/s Vodafone India Ltd 44.04 37

Page 9 of 31

Page 12: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

7 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 137.53 25

7 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 43.69 1

7 Maharashtra 900 MHz M/s Vodafone India Ltd 22.44 31

7 North East 1800 MHz M/S Idea Cellular Ltd 4.6 25

7 Odisha 900 MHz M/s Vodafone India Ltd 46.87 39

7 Odisha 900 MHz M/S Idea Cellular Ltd 46.87 28

7 Punjab 900 MHz M/S Bharti Airtel Ltd 46.87 49

7 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 46.87 28

7 Punjab 900 MHz M/s Vodafone India Ltd 48.34 25

7 Punjab 900 MHz M/S Bharti Airtel Ltd 48.34 31

7 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 48.34 40

7 Rajasthan 2100 MHz M/s Vodafone India Ltd 470.57 1

7 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 60.99 31

7 Rajasthan 900 MHz M/S Aircel Ltd 60.21 30

7 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 60.21 31

7 Uttar Pradesh (West) 900 MHz M/S Reliance Communications Ltd 60.21 25

7 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 60.21 31

8 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 136.15 25

8 Uttar Pradesh (West) 900 MHz M/S Idea Cellular Ltd 136.15 25

8 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 38.01 16

8 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 17.47 31

8 Andhra Pradesh 2100 MHz M/S Idea Cellular Ltd 159.99 1

8 Assam 900 MHz M/S Aircel Ltd 44.36 25

8 Assam 900 MHz M/S Bharti Airtel Ltd 44.36 6

8 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 44.36 25

8 Bihar 900 MHz M/s Vodafone India Ltd 17.58 37

8 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 17.58 25

8 Haryana 900 MHz M/S Bharti Airtel Ltd 8.94 36

8 Haryana 900 MHz M/s Vodafone India Ltd 83.27 31

8 Himachal Pradesh 900 MHz M/S Idea Cellular Ltd 83.27 25

8 Karnataka 900 MHz M/S Tata Teleservices Ltd 83.27 25

8 Karnataka 900 MHz M/s Vodafone India Ltd 38.52 37

8 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 38.52 25

8 Kerala 800 MHz M/S Idea Cellular Ltd 128.01 4

8 Kerala 900 MHz M/s Vodafone India Ltd 46.24 37

8 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 46.24 25

8 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 141.65 25

8 Madhya Pradesh 2100 MHz M/S Idea Cellular Ltd 44.12 1

8 Maharashtra 900 MHz M/S Bharti Airtel Ltd 22.66 6

8 North East 900 MHz M/S Reliance JIO Infocomm Ltd 22.66 25

8 Odisha 900 MHz M/s Vodafone India Ltd 51.55 39

8 Odisha 900 MHz M/S Idea Cellular Ltd 51.55 28

8 Punjab 900 MHz M/S Bharti Airtel Ltd 51.55 49

8 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 51.55 28

8 Punjab 900 MHz M/s Vodafone India Ltd 51.72 31

8 Punjab 900 MHz M/S Bharti Airtel Ltd 51.72 31

8 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 51.72 40

8 Rajasthan 2100 MHz M/s Vodafone India Ltd 475.27 1

8 Rajasthan 2100 MHz M/S Idea Cellular Ltd 475.27 1

8 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 61.59 31

8 Rajasthan 900 MHz M/S Aircel Ltd 66.23 30

8 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 66.23 31

8 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 66.23 31

9 Uttar Pradesh (West) 900 MHz M/S Tata Teleservices Ltd 136.15 25

9 Uttar Pradesh (West) 900 MHz M/S Bharti Airtel Ltd 136.15 25

9 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 39.15 16

9 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 17.64 31

9 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 17.64 6

9 Assam 2100 MHz M/s Vodafone India Ltd 161.58 1

9 Assam 900 MHz M/s Vodafone India Ltd 46.57 31

9 Assam 900 MHz M/S Aircel Ltd 46.57 25

9 Bihar 900 MHz M/S Idea Cellular Ltd 17.75 25

9 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 17.75 25

9 Haryana 900 MHz M/S Bharti Airtel Ltd 9.47 36

9 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 9.47 25

9 Himachal Pradesh 900 MHz M/S Tata Teleservices Ltd 85.76 25

9 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 85.76 25

9 Karnataka 900 MHz M/S Idea Cellular Ltd 38.9 25

9 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 38.9 25

9 Kerala 800 MHz M/S Bharti Airtel Ltd 128.01 4

9 Kerala 900 MHz M/s Vodafone India Ltd 46.7 37

Page 10 of 31

Page 13: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

9 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 46.7 25

9 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 141.65 25

9 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 44.56 1

9 Maharashtra 900 MHz M/s Vodafone India Ltd 22.88 25

9 North East 900 MHz M/s Vodafone India Ltd 56.7 39

9 Odisha 900 MHz M/S Idea Cellular Ltd 56.7 28

9 Punjab 900 MHz M/S Bharti Airtel Ltd 56.7 49

9 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 56.7 28

9 Punjab 900 MHz M/s Vodafone India Ltd 55.85 31

9 Punjab 900 MHz M/S Bharti Airtel Ltd 55.85 31

9 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 55.85 40

9 Rajasthan 2100 MHz M/S Idea Cellular Ltd 499.03 1

9 Rajasthan 900 MHz M/S Aircel Ltd 72.85 30

9 Rajasthan 900 MHz M/S Idea Cellular Ltd 72.85 31

9 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 72.85 31

10 Uttar Pradesh (West) 900 MHz M/S Bharti Airtel Ltd 144.31 25

10 Uttar Pradesh (West) 900 MHz M/s Vodafone India Ltd 17.99 31

10 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 17.99 6

10 Assam 2100 MHz M/S Idea Cellular Ltd 163.19 1

10 Assam 900 MHz M/s Vodafone India Ltd 48.89 31

10 Assam 900 MHz M/S Aircel Ltd 48.89 25

10 Bihar 900 MHz M/S Bharti Airtel Ltd 48.89 6

10 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 48.89 25

10 Bihar 900 MHz M/s Vodafone India Ltd 17.75 37

10 Bihar 900 MHz M/S Reliance Communications Ltd 17.75 31

10 Haryana 900 MHz M/s Vodafone India Ltd 85.76 25

10 Haryana 900 MHz M/S Idea Cellular Ltd 85.76 25

10 Karnataka 900 MHz M/s Vodafone India Ltd 38.9 37

10 Karnataka 900 MHz M/S Reliance Communications Ltd 38.9 25

10 Kerala 800 MHz M/S Bharti Airtel Ltd 131.85 4

10 Kerala 900 MHz M/s Vodafone India Ltd 141.65 25

10 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 141.65 29

10 Maharashtra 2100 MHz M/S Idea Cellular Ltd 45 1

10 Maharashtra 900 MHz M/S Bharti Airtel Ltd 22.88 6

10 North East 900 MHz M/S Reliance JIO Infocomm Ltd 22.88 25

10 Odisha 900 MHz M/S Idea Cellular Ltd 62.37 28

10 Odisha 900 MHz M/S Bharti Airtel Ltd 62.37 49

10 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 62.37 28

10 Punjab 900 MHz M/s Vodafone India Ltd 60.31 31

10 Punjab 900 MHz M/S Bharti Airtel Ltd 60.31 31

10 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 60.31 40

10 Rajasthan 2100 MHz M/s Vodafone India Ltd 504.02 1

10 Rajasthan 900 MHz M/S Idea Cellular Ltd 62.2 31

10 Rajasthan 900 MHz M/S Aircel Ltd 80.13 30

10 Uttar Pradesh (East) 900 MHz M/S Tata Teleservices Ltd 80.13 25

10 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 80.13 31

11 Uttar Pradesh (West) 900 MHz M/S Bharti Airtel Ltd 18.34 6

11 Uttar Pradesh (West) 2100 MHz M/s Vodafone India Ltd 164.82 1

11 Assam 900 MHz M/S Aircel Ltd 53.77 25

11 Assam 900 MHz M/S Reliance Communications Ltd 53.77 25

11 Bihar 900 MHz M/S Bharti Airtel Ltd 53.77 6

11 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 53.77 25

11 Bihar 900 MHz M/s Vodafone India Ltd 119.68 25

11 Bihar 900 MHz M/S Idea Cellular Ltd 19.52 25

11 Gujarat 900 MHz M/S Reliance Communications Ltd 19.52 25

11 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 19.52 25

11 Haryana 900 MHz M/s Vodafone India Ltd 90.9 25

11 Haryana 900 MHz M/S Tata Teleservices Ltd 90.9 25

11 Karnataka 900 MHz M/S Idea Cellular Ltd 42.79 25

11 Karnataka 900 MHz M/S Tata Teleservices Ltd 42.79 25

11 Kerala 900 MHz M/S Reliance Communications Ltd 42.79 31

11 Kerala 900 MHz M/S Reliance JIO Infocomm Ltd 42.79 25

11 Kerala 800 MHz M/S Idea Cellular Ltd 131.85 4

11 Kerala 900 MHz M/S Reliance Communications Ltd 47.16 25

11 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 151.56 25

11 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 45.45 1

11 Maharashtra 900 MHz M/S Reliance JIO Infocomm Ltd 24.02 25

11 North East 900 MHz M/S Bharti Airtel Ltd 66.11 49

11 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 66.11 28

11 Punjab 900 MHz M/s Vodafone India Ltd 65.13 31

11 Punjab 900 MHz M/S Bharti Airtel Ltd 65.13 31

Page 11 of 31

Page 14: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

11 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 65.13 40

11 Rajasthan 2100 MHz M/S Idea Cellular Ltd 509.06 1

11 Rajasthan 900 MHz M/S Idea Cellular Ltd 62.82 31

11 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 62.82 31

11 Uttar Pradesh (East) 900 MHz M/S Aircel Ltd 88.14 30

11 Uttar Pradesh (East) 900 MHz M/S Reliance JIO Infocomm Ltd 88.14 31

11 Uttar Pradesh (West) 900 MHz M/S Reliance Communications Ltd 22.64 22

12 Uttar Pradesh (West) 800 MHz M/S Tata Teleservices Ltd 292.5 2

12 West Bengal 1800 MHz M/S Tata Teleservices Ltd 39.15 19

12 Andhra Pradesh 2100 MHz M/S Idea Cellular Ltd 166.46 1

12 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 59.14 25

12 Assam 900 MHz M/S Aircel Ltd 59.14 25

12 Bihar 900 MHz M/S Idea Cellular Ltd 59.14 28

12 Bihar 900 MHz M/s Vodafone India Ltd 124.46 25

12 Bihar 900 MHz M/s Vodafone India Ltd 20.1 31

12 Gujarat 900 MHz M/S Reliance Communications Ltd 20.1 46

12 Haryana 900 MHz M/S Idea Cellular Ltd 90.9 25

12 Haryana 900 MHz M/S Bharti Airtel Ltd 90.9 25

12 Karnataka 900 MHz M/s Vodafone India Ltd 46.64 37

12 Karnataka 900 MHz M/S Tata Teleservices Ltd 46.64 25

12 Kerala 900 MHz M/S Reliance Communications Ltd 46.64 46

12 Kerala 900 MHz M/S Reliance JIO Infocomm Ltd 46.64 25

12 Kerala 800 MHz M/S Idea Cellular Ltd 135.8 4

12 Kerala 800 MHz M/S Tata Teleservices Ltd 135.8 4

12 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 47.16 25

12 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 548.75 2

12 Madhya Pradesh 2100 MHz M/S Idea Cellular Ltd 45.9 1

12 Mumbai 900 MHz M/s Vodafone India Ltd 24.02 25

12 North East 900 MHz M/S Bharti Airtel Ltd 24.02 6

12 Odisha 900 MHz M/s Vodafone India Ltd 70.34 31

12 Odisha 900 MHz M/S Bharti Airtel Ltd 70.34 31

12 Rajasthan 2100 MHz M/s Vodafone India Ltd 514.15 1

12 Rajasthan 900 MHz M/S Idea Cellular Ltd 67.21 31

12 Rajasthan 900 MHz M/S Aircel Ltd 93.42 30

12 Uttar Pradesh (East) 900 MHz M/s Vodafone India Ltd 22.86 22

13 Uttar Pradesh (West) 1800 MHz M/S Tata Teleservices Ltd 40.71 19

13 West Bengal 900 MHz M/S Aircel Ltd 65.05 25

13 Andhra Pradesh 900 MHz M/S Idea Cellular Ltd 65.05 28

13 Bihar 900 MHz M/S Bharti Airtel Ltd 65.05 6

13 Bihar 900 MHz M/S Idea Cellular Ltd 124.46 25

13 Bihar 900 MHz M/S Idea Cellular Ltd 20.7 25

13 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 20.7 25

13 Haryana 900 MHz M/s Vodafone India Ltd 96.35 31

13 Haryana 900 MHz M/S Tata Teleservices Ltd 96.35 25

13 Karnataka 900 MHz M/S Bharti Airtel Ltd 96.35 25

13 Karnataka 900 MHz M/S Idea Cellular Ltd 51.3 25

13 Karnataka 900 MHz M/S Tata Teleservices Ltd 51.3 25

13 Kerala 900 MHz M/S Reliance Communications Ltd 51.3 35

13 Kerala 900 MHz M/S Reliance JIO Infocomm Ltd 51.3 25

13 Kerala 800 MHz M/S Bharti Airtel Ltd 139.87 4

13 Kerala 900 MHz M/s Vodafone India Ltd 47.16 25

13 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 554.23 4

13 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 46.35 1

13 Mumbai 900 MHz M/s Vodafone India Ltd 25.22 25

13 North East 900 MHz M/S Reliance Communications Ltd 25.22 25

13 Odisha 900 MHz M/s Vodafone India Ltd 71.04 31

13 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 71.04 40

13 Rajasthan 2100 MHz M/S Idea Cellular Ltd 519.29 1

13 Rajasthan 900 MHz M/S Idea Cellular Ltd 67.88 31

13 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 67.88 25

13 Uttar Pradesh (East) 900 MHz M/S Reliance JIO Infocomm Ltd 93.42 31

13 Uttar Pradesh (East) 900 MHz M/S Reliance Communications Ltd 23.08 22

14 Uttar Pradesh (West) 900 MHz M/S Bharti Airtel Ltd 144.31 38

14 West Bengal 1800 MHz M/S Bharti Airtel Ltd 41.11 16

14 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 18.34 25

14 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 68.95 27

14 Assam 900 MHz M/S Idea Cellular Ltd 68.95 28

14 Bihar 900 MHz M/S Reliance Communications Ltd 124.46 38

14 Bihar 900 MHz M/s Vodafone India Ltd 20.7 31

14 Gujarat 900 MHz M/S Reliance Communications Ltd 20.7 31

14 Haryana 900 MHz M/S Idea Cellular Ltd 99.24 25

Page 12 of 31

Page 15: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

14 Haryana 900 MHz M/S Tata Teleservices Ltd 99.24 25

14 Karnataka 900 MHz M/S Reliance Communications Ltd 56.43 35

14 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 56.43 40

14 Kerala 800 MHz M/S Idea Cellular Ltd 139.87 4

14 Kerala 900 MHz M/s Vodafone India Ltd 48.57 25

14 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 48.57 25

14 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 48.57 25

14 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 151.56 31

14 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 554.23 4

14 Maharashtra 800 MHz M/S Tata Teleservices Ltd 554.23 2

14 Mumbai 2100 MHz M/S Idea Cellular Ltd 46.81 1

14 Mumbai 900 MHz M/S Reliance Communications Ltd 26.22 25

14 North East 900 MHz M/S Bharti Airtel Ltd 26.22 6

14 Odisha 900 MHz M/s Vodafone India Ltd 72.46 31

14 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 72.46 40

14 Rajasthan 2100 MHz M/s Vodafone India Ltd 524.48 1

14 Rajasthan 900 MHz M/S Idea Cellular Ltd 71.27 31

14 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 71.27 25

14 Uttar Pradesh (East) 900 MHz M/S Reliance JIO Infocomm Ltd 99.02 25

14 Uttar Pradesh (East) 900 MHz M/s Vodafone India Ltd 23.31 22

15 Uttar Pradesh (West) 1800 MHz M/S Tata Teleservices Ltd 41.11 19

15 West Bengal 900 MHz M/S Aircel Ltd 72.39 25

15 Andhra Pradesh 900 MHz M/S Idea Cellular Ltd 72.39 28

15 Bihar 900 MHz M/S Bharti Airtel Ltd 72.39 6

15 Bihar 900 MHz M/s Vodafone India Ltd 129.43 25

15 Bihar 900 MHz M/S Idea Cellular Ltd 22.77 25

15 Gujarat 900 MHz M/S Reliance Communications Ltd 22.77 31

15 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 22.77 25

15 Haryana 900 MHz M/s Vodafone India Ltd 99.24 25

15 Haryana 900 MHz M/S Bharti Airtel Ltd 99.24 25

15 Karnataka 900 MHz M/S Idea Cellular Ltd 58.12 25

15 Karnataka 900 MHz M/S Reliance Communications Ltd 58.12 35

15 Kerala 900 MHz M/S Reliance JIO Infocomm Ltd 58.12 40

15 Kerala 1800 MHz M/S Aircel Ltd 14.74 9

15 Kerala 800 MHz M/S Idea Cellular Ltd 144.06 4

15 Kolkata 900 MHz M/s Vodafone India Ltd 50.02 25

15 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 50.02 25

15 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 50.02 25

15 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 576.39 4

15 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 47.27 1

15 Mumbai 900 MHz M/s Vodafone India Ltd 26.48 25

15 North East 900 MHz M/S Aircel Ltd 73.9 25

15 Odisha 900 MHz M/S Reliance JIO Infocomm Ltd 73.9 40

15 Rajasthan 2100 MHz M/S Idea Cellular Ltd 529.72 1

15 Rajasthan 900 MHz M/S Idea Cellular Ltd 74.83 31

15 Rajasthan 900 MHz M/S Reliance Communications Ltd 23.54 22

16 Uttar Pradesh (East) 1800 MHz M/S Tata Teleservices Ltd 42.75 19

16 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 35 4

16 Andhra Pradesh 900 MHz M/S Aircel Ltd 76.73 25

16 Assam 900 MHz M/S Idea Cellular Ltd 76.73 28

16 Bihar 900 MHz M/S Reliance Communications Ltd 129.43 38

16 Bihar 900 MHz M/S Reliance Communications Ltd 23.68 31

16 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 23.68 25

16 Haryana 900 MHz M/S Tata Teleservices Ltd 105.19 25

16 Haryana 900 MHz M/S Bharti Airtel Ltd 105.19 25

16 Karnataka 900 MHz M/S Idea Cellular Ltd 62.76 25

16 Karnataka 900 MHz M/S Reliance Communications Ltd 62.76 35

16 Kerala 900 MHz M/S Reliance JIO Infocomm Ltd 62.76 40

16 Kerala 1800 MHz M/S Bharti Airtel Ltd 14.74 35

16 Kerala 800 MHz M/S Bharti Airtel Ltd 144.06 4

16 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 144.06 4

16 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 51.52 25

16 Madhya Pradesh 900 MHz M/S Tata Teleservices Ltd 51.52 25

16 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 51.52 25

16 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 427.98 3

16 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 576.39 6

16 Maharashtra 800 MHz M/S Tata Teleservices Ltd 576.39 2

16 Mumbai 800 MHz M/S Reliance JIO Infocomm Ltd 576.39 4

16 Mumbai 800 MHz M/S Reliance JIO Infocomm Ltd 13.75 4

16 Mumbai 2100 MHz M/S Idea Cellular Ltd 47.74 1

16 North East 900 MHz M/S Reliance Communications Ltd 26.48 25

Page 13 of 31

Page 16: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

16 North East 900 MHz M/S Aircel Ltd 74.63 25

16 Odisha 2100 MHz M/s Vodafone India Ltd 535.01 1

16 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 75.57 25

16 Rajasthan 900 MHz M/s Vodafone India Ltd 23.77 22

17 Uttar Pradesh (East) 800 MHz M/s Vodafone India Ltd 292.5 5

17 West Bengal 900 MHz M/S Bharti Airtel Ltd 144.31 45

17 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 43.17 16

17 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 35.35 4

17 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 18.52 25

17 Assam 900 MHz M/S Bharti Airtel Ltd 80.56 6

17 Assam 900 MHz M/S Idea Cellular Ltd 129.43 25

17 Bihar 800 MHz M/s Vodafone India Ltd 47.5 6

17 Gujarat 900 MHz M/S Idea Cellular Ltd 23.68 25

17 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 35 4

17 Haryana 900 MHz M/s Vodafone India Ltd 105.19 25

17 Jammu & Kashmir 900 MHz M/S Idea Cellular Ltd 105.19 25

17 Karnataka 900 MHz M/S Idea Cellular Ltd 67.78 25

17 Karnataka 900 MHz M/S Reliance Communications Ltd 67.78 35

17 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 154.14 4

17 Kerala 900 MHz M/s Vodafone India Ltd 53.06 25

17 Madhya Pradesh 900 MHz M/S Idea Cellular Ltd 53.06 25

17 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 53.06 25

17 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 13.88 4

17 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 48.21 1

17 North East 800 MHz M/s Vodafone India Ltd 47.5 6

17 North East 800 MHz M/S Reliance JIO Infocomm Ltd 47.5 4

17 Odisha 900 MHz M/S Bharti Airtel Ltd 27.53 6

17 Odisha 2100 MHz M/S Idea Cellular Ltd 540.36 1

17 Odisha 1800 MHz M/S Aircel Ltd 45 50

17 Rajasthan 900 MHz M/S Idea Cellular Ltd 75.57 31

17 Tamil Nadu 900 MHz M/S Reliance Communications Ltd 24 22

18 Uttar Pradesh (East) 800 MHz M/S Tata Teleservices Ltd 298.35 2

18 West Bengal 1800 MHz M/S Tata Teleservices Ltd 43.17 19

18 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 18.52 25

18 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 134.6 25

18 Assam 900 MHz M/S Reliance Communications Ltd 24.62 25

18 Gujarat 900 MHz M/S Reliance JIO Infocomm Ltd 24.62 25

18 Haryana 800 MHz M/s Vodafone India Ltd 23.75 6

18 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 35.35 4

18 Himachal Pradesh 900 MHz M/S Idea Cellular Ltd 111.5 25

18 Jammu & Kashmir 900 MHz M/S Tata Teleservices Ltd 111.5 25

18 Karnataka 900 MHz M/S Idea Cellular Ltd 67.78 28

18 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 67.78 40

18 Kerala 800 MHz M/s Vodafone India Ltd 154.14 5

18 Kerala 800 MHz M/S Idea Cellular Ltd 154.14 4

18 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 54.65 25

18 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 54.65 25

18 Madhya Pradesh 2100 MHz M/S Idea Cellular Ltd 48.69 1

18 Madhya Pradesh 900 MHz M/S Bharti Airtel Ltd 66.11 50

18 North East 900 MHz M/s Vodafone India Ltd 74.63 25

18 Punjab 2100 MHz M/s Vodafone India Ltd 545.76 1

18 Rajasthan 900 MHz M/S Idea Cellular Ltd 79.34 31

18 Rajasthan 900 MHz M/s Vodafone India Ltd 24.24 22

19 Uttar Pradesh (East) 800 MHz M/s Vodafone India Ltd 298.35 4

19 West Bengal 1800 MHz M/S Tata Teleservices Ltd 44.89 19

19 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 19.26 25

19 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 19.26 6

19 Assam 900 MHz M/S Reliance Communications Ltd 80.56 25

19 Assam 900 MHz M/S Idea Cellular Ltd 134.6 25

19 Bihar 900 MHz M/S Idea Cellular Ltd 24.62 25

19 Gujarat 900 MHz M/S Reliance Communications Ltd 24.62 35

19 Haryana 900 MHz M/S Reliance Communications Ltd 9.47 25

19 Haryana 900 MHz M/s Vodafone India Ltd 111.5 25

19 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 111.5 25

19 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 111.5 30

19 Karnataka 900 MHz M/S Idea Cellular Ltd 73.88 28

19 Karnataka 900 MHz M/S Idea Cellular Ltd 54.65 25

19 Kerala 2100 MHz M/s Vodafone India Ltd 49.17 1

19 Madhya Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 66.77 26

19 North East 2100 MHz M/S Idea Cellular Ltd 551.21 1

19 Punjab 900 MHz M/S Reliance Communications Ltd 24.48 22

Page 14 of 31

Page 17: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

20 Rajasthan 800 MHz M/S Tata Teleservices Ltd 301.33 4

20 West Bengal 1800 MHz M/S Tata Teleservices Ltd 45.33 19

20 Andhra Pradesh 1800 MHz M/S Bharti Airtel Ltd 45.33 16

20 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 19.45 25

20 Andhra Pradesh 900 MHz M/S Idea Cellular Ltd 81.36 25

20 Assam 800 MHz M/S Tata Teleservices Ltd 771.25 1

20 Bihar 900 MHz M/S Reliance Communications Ltd 134.6 33

20 Delhi 900 MHz M/S Reliance JIO Infocomm Ltd 134.6 28

20 Gujarat 800 MHz M/S Tata Teleservices Ltd 49.4 2

20 Gujarat 900 MHz M/S Tata Teleservices Ltd 25.85 25

20 Haryana 900 MHz M/S Reliance Communications Ltd 25.85 30

20 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 25.85 25

20 Haryana 900 MHz M/S Reliance Communications Ltd 9.94 25

20 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 9.94 25

20 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 122.65 25

20 Himachal Pradesh 900 MHz M/s Vodafone India Ltd 73.88 34

20 Karnataka 900 MHz M/s Vodafone India Ltd 56.28 25

20 Kerala 900 MHz M/S Idea Cellular Ltd 56.28 25

20 Madhya Pradesh 2100 MHz M/S Idea Cellular Ltd 49.66 1

20 Madhya Pradesh 2100 MHz M/s Vodafone India Ltd 556.72 1

20 North East 900 MHz M/S Tata Teleservices Ltd 24.72 22

21 Rajasthan 800 MHz M/s Vodafone India Ltd 301.33 5

21 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 301.33 4

21 Andhra Pradesh 1800 MHz M/S Tata Teleservices Ltd 47.14 19

21 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 19.45 25

21 Andhra Pradesh 800 MHz M/s Vodafone India Ltd 771.25 3

21 Assam 900 MHz M/S Idea Cellular Ltd 26.88 25

21 Delhi 900 MHz M/S Bharti Airtel Ltd 9.94 36

21 Haryana 800 MHz M/s Vodafone India Ltd 35.35 5

21 Himachal Pradesh 2100 MHz M/s Vodafone India Ltd 1610 1

21 Jammu & Kashmir 900 MHz M/S Reliance Communications Ltd 56.28 25

21 Karnataka 900 MHz M/S Reliance JIO Infocomm Ltd 56.28 45

21 Madhya Pradesh 900 MHz M/S Reliance Communications Ltd 27.53 25

21 Madhya Pradesh 1800 MHz M/S Tata Teleservices Ltd 12 25

21 Odisha 2100 MHz M/s Vodafone India Ltd 562.28 1

21 Rajasthan 2100 MHz M/S Idea Cellular Ltd 562.28 1

21 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 80.13 25

21 Rajasthan 900 MHz M/S Reliance Communications Ltd 24.96 22

22 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 325.43 4

22 West Bengal 1800 MHz M/S Bharti Airtel Ltd 47.61 6

22 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 20.22 25

22 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 20.22 6

22 Assam 2100 MHz M/s Vodafone India Ltd 168.12 1

22 Assam 900 MHz M/s Vodafone India Ltd 146.71 25

22 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 49.4 4

22 Gujarat 900 MHz M/s Vodafone India Ltd 26.88 25

22 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 26.88 25

22 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 24.46 4

22 Haryana 900 MHz M/S Reliance Communications Ltd 10.43 25

22 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 122.65 33

22 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 15.03 25

22 Karnataka 800 MHz M/S Reliance JIO Infocomm Ltd 166.47 4

22 Kolkata 900 MHz M/S Reliance Communications Ltd 61.9 25

22 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 432.25 2

22 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 151.56 35

22 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 634.02 4

22 Maharashtra 2100 MHz M/s Vodafone India Ltd 50.15 1

22 Mumbai 800 MHz M/S Reliance JIO Infocomm Ltd 51.3 4

22 North East 900 MHz M/s Vodafone India Ltd 27.8 25

22 Odisha 900 MHz M/S Idea Cellular Ltd 66.77 28

22 Odisha 900 MHz M/s Vodafone India Ltd 74.63 31

22 Punjab 900 MHz M/S Bharti Airtel Ltd 74.63 31

22 Rajasthan 2100 MHz M/S Idea Cellular Ltd 590.39 1

22 Rajasthan 900 MHz M/s Vodafone India Ltd 80.13 25

22 Rajasthan 900 MHz M/S Idea Cellular Ltd 80.13 31

22 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 99.02 27

23 Uttar Pradesh (East) 800 MHz M/S Tata Teleservices Ltd 325.43 4

23 Uttar Pradesh (West) 1800 MHz M/S Tata Teleservices Ltd 47.61 19

23 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 35.35 4

23 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 20.42 25

23 Assam 2100 MHz M/S Idea Cellular Ltd 169.8 1

Page 15 of 31

Page 18: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

23 Assam 800 MHz M/S Reliance Communications Ltd 343.75 1

23 Assam 800 MHz M/S Reliance Communications Ltd 49.89 1

23 Gujarat 800 MHz M/S Reliance Communications Ltd 24.46 2

23 Haryana 900 MHz M/S Bharti Airtel Ltd 10.43 36

23 Himachal Pradesh 800 MHz M/S Reliance Communications Ltd 36.05 2

23 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 122.65 44

23 Jammu & Kashmir 900 MHz M/S Idea Cellular Ltd 74.61 30

23 Karnataka 1800 MHz M/S Bharti Airtel Ltd 15.03 25

23 Kerala 800 MHz M/S Idea Cellular Ltd 166.47 4

23 Kolkata 900 MHz M/S Idea Cellular Ltd 61.9 25

23 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 432.25 3

23 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 634.02 5

23 Maharashtra 800 MHz M/S Idea Cellular Ltd 634.02 4

23 Mumbai 800 MHz M/S Tata Teleservices Ltd 634.02 2

23 Mumbai 800 MHz M/S Reliance Communications Ltd 13.88 4

23 Mumbai 1800 MHz M/S Reliance Communications Ltd 2.2 25

23 North East 2100 MHz M/S Idea Cellular Ltd 50.65 1

23 North East 800 MHz M/S Reliance Communications Ltd 51.3 1

23 North East 900 MHz M/S Reliance Communications Ltd 27.8 25

23 Odisha 800 MHz M/S Reliance Communications Ltd 106.25 1

23 Odisha 900 MHz M/S Bharti Airtel Ltd 66.77 25

23 Punjab 1800 MHz M/S Idea Cellular Ltd 45 25

23 Punjab 900 MHz M/S Idea Cellular Ltd 103.97 31

23 Tamil Nadu 800 MHz M/S Reliance Communications Ltd 71.25 1

23 Uttar Pradesh (West) 900 MHz M/S Aircel Ltd 25.2 22

24 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 335.19 4

24 West Bengal 1800 MHz M/S Tata Teleservices Ltd 48.56 19

24 Andhra Pradesh 800 MHz M/s Vodafone India Ltd 35.35 4

24 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 20.42 25

24 Assam 2100 MHz M/s Vodafone India Ltd 171.49 1

24 Assam 800 MHz M/s Vodafone India Ltd 343.75 2

24 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 49.89 4

24 Gujarat 900 MHz M/s Vodafone India Ltd 27.68 25

24 Haryana 900 MHz M/S Reliance JIO Infocomm Ltd 10.43 25

24 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 15.48 25

24 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 171.46 4

24 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 440.89 3

24 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 691.08 4

24 Maharashtra 800 MHz M/s Vodafone India Ltd 13.88 4

24 Mumbai 2100 MHz M/s Vodafone India Ltd 51.15 1

24 North East 800 MHz M/s Vodafone India Ltd 51.3 6

24 North East 900 MHz M/S Bharti Airtel Ltd 28.91 6

24 Odisha 1800 MHz M/S Reliance Communications Ltd 4.6 25

24 Odisha 800 MHz M/s Vodafone India Ltd 106.25 3

24 Odisha 900 MHz M/S Bharti Airtel Ltd 67.43 25

24 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 67.43 26

24 Punjab 2100 MHz M/s Vodafone India Ltd 596.29 1

24 Punjab 900 MHz M/s Vodafone India Ltd 88.14 25

24 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 105 25

24 Uttar Pradesh (East) 900 MHz M/S Reliance Communications Ltd 25.45 22

25 Uttar Pradesh (West) 800 MHz M/S Tata Teleservices Ltd 335.19 4

25 West Bengal 1800 MHz M/S Bharti Airtel Ltd 49.04 6

25 Andhra Pradesh 800 MHz M/s Vodafone India Ltd 35.7 4

25 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 21.23 25

25 Assam 900 MHz M/S Bharti Airtel Ltd 21.23 6

25 Assam 2100 MHz M/S Idea Cellular Ltd 173.2 1

25 Assam 800 MHz M/s Vodafone India Ltd 49.89 6

25 Assam 800 MHz M/S Tata Teleservices Ltd 49.89 2

25 Haryana 900 MHz M/S Idea Cellular Ltd 27.68 25

25 Haryana 800 MHz M/s Vodafone India Ltd 24.46 6

25 Haryana 800 MHz M/S Idea Cellular Ltd 24.46 4

25 Himachal Pradesh 900 MHz M/S Reliance Communications Ltd 10.95 25

25 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 15.48 25

25 Himachal Pradesh 800 MHz M/s Vodafone India Ltd 171.46 5

25 Kolkata 800 MHz M/S Idea Cellular Ltd 171.46 4

25 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 445.29 2

25 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 151.56 38

25 Maharashtra 800 MHz M/S Tata Teleservices Ltd 691.08 2

25 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 691.08 4

25 Mumbai 800 MHz M/s Vodafone India Ltd 14.01 4

25 Mumbai 2100 MHz M/S Idea Cellular Ltd 51.66 1

Page 16 of 31

Page 19: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

25 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 12 26

25 North East 2100 MHz M/S Idea Cellular Ltd 602.25 1

25 Rajasthan 1800 MHz M/S Reliance JIO Infocomm Ltd 19.4 15

25 Rajasthan 900 MHz M/S Idea Cellular Ltd 105 30

25 Uttar Pradesh (East) 900 MHz M/S Aircel Ltd 25.7 22

26 Uttar Pradesh (West) 800 MHz M/S Reliance JIO Infocomm Ltd 345.24 4

26 West Bengal 800 MHz M/S Reliance Communications Ltd 35.7 4

26 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 21.44 25

26 Assam 900 MHz M/S Reliance JIO Infocomm Ltd 10.95 25

26 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 37 3

26 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 15.94 25

26 Karnataka 800 MHz M/S Reliance JIO Infocomm Ltd 185.17 4

26 Kolkata 800 MHz M/s Vodafone India Ltd 445.29 3

26 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 445.29 3

26 Maharashtra 900 MHz M/s Vodafone India Ltd 151.56 41

26 Maharashtra 900 MHz M/S Idea Cellular Ltd 151.56 26

26 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 718.72 4

26 Maharashtra 800 MHz M/S Reliance Communications Ltd 14.01 4

26 Mumbai 1800 MHz M/S Reliance JIO Infocomm Ltd 45 3

26 North East 900 MHz M/S Idea Cellular Ltd 110.25 30

26 Tamil Nadu 900 MHz M/S Reliance Communications Ltd 25.95 22

27 Uttar Pradesh (West) 800 MHz M/S Tata Teleservices Ltd 345.24 4

27 West Bengal 900 MHz M/S Reliance Communications Ltd 21.44 25

27 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 10.95 36

27 Assam 1800 MHz M/S Bharti Airtel Ltd 15.94 25

27 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 185.17 4

27 Kolkata 900 MHz M/S Reliance JIO Infocomm Ltd 61.9 35

27 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 467.55 2

27 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 151.56 44

27 Maharashtra 800 MHz M/S Idea Cellular Ltd 718.72 4

27 Maharashtra 800 MHz M/S Tata Teleservices Ltd 718.72 2

27 Mumbai 1800 MHz M/s Vodafone India Ltd 12 52

27 Mumbai 900 MHz M/S Aircel Ltd 26.2 22

28 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 355.59 4

28 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 35.7 4

28 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 22.29 6

28 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 778.96 3

28 Assam 800 MHz M/S Tata Teleservices Ltd 53.38 2

28 Delhi 900 MHz M/S Reliance Communications Ltd 27.68 25

28 Haryana 900 MHz M/S Reliance Communications Ltd 11.49 25

28 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 16.41 25

28 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 190.72 4

28 Kolkata 800 MHz M/s Vodafone India Ltd 467.55 3

28 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 467.55 3

28 Maharashtra 900 MHz M/S Idea Cellular Ltd 153.07 45

28 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 14.01 4

28 Maharashtra 900 MHz M/S Reliance Communications Ltd 26.46 22

29 North East 800 MHz M/S Tata Teleservices Ltd 355.59 4

29 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 36.05 4

29 Andhra Pradesh 800 MHz M/S Tata Teleservices Ltd 786.74 1

29 Assam 900 MHz M/s Vodafone India Ltd 146.71 30

29 Delhi 800 MHz M/S Reliance Communications Ltd 53.38 1

29 Gujarat 900 MHz M/S Reliance Communications Ltd 28.51 25

29 Haryana 900 MHz M/S Bharti Airtel Ltd 11.49 36

29 Haryana 1800 MHz M/S Bharti Airtel Ltd 16.41 25

29 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 190.72 4

29 Kolkata 800 MHz M/S Tata Teleservices Ltd 490.92 2

29 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 14.15 4

29 Maharashtra 900 MHz M/S Aircel Ltd 26.72 22

30 North East 800 MHz M/S Reliance JIO Infocomm Ltd 366.25 4

30 West Bengal 800 MHz M/S Reliance Communications Ltd 36.05 4

30 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 786.74 3

30 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 53.38 4

30 Delhi 900 MHz M/s Vodafone India Ltd 28.51 25

30 Haryana 1800 MHz M/S Aircel Ltd 16.9 9

30 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 16.9 25

30 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 196.44 4

30 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 490.92 3

30 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 14.15 4

30 Maharashtra 900 MHz M/S Reliance Communications Ltd 26.98 22

31 North East 800 MHz M/S Idea Cellular Ltd 366.25 4

Page 17 of 31

Page 20: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

31 West Bengal 800 MHz M/S Tata Teleservices Ltd 366.25 4

31 Andhra Pradesh 800 MHz M/s Vodafone India Ltd 36.05 4

31 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 794.6 3

31 Assam 800 MHz M/S Tata Teleservices Ltd 53.91 2

31 Delhi 800 MHz M/S Reliance JIO Infocomm Ltd 53.91 4

31 Haryana 900 MHz M/S Idea Cellular Ltd 28.51 25

31 Haryana 1800 MHz M/S Bharti Airtel Ltd 16.9 25

31 Haryana 800 MHz M/S Tata Teleservices Ltd 500.73 2

31 Kolkata 800 MHz M/s Vodafone India Ltd 14.15 4

31 Maharashtra 900 MHz M/S Aircel Ltd 27.24 22

32 North East 800 MHz M/S Reliance JIO Infocomm Ltd 391.88 4

32 West Bengal 800 MHz M/s Vodafone India Ltd 36.41 4

32 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 22.29 25

32 Assam 2100 MHz M/s Vodafone India Ltd 174.93 1

32 Assam 800 MHz M/S Tata Teleservices Ltd 802.54 1

32 Assam 800 MHz M/S Reliance Communications Ltd 54.44 1

32 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 17.74 25

32 Haryana 800 MHz M/S Idea Cellular Ltd 500.73 3

32 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 500.73 3

32 Maharashtra 800 MHz M/s Vodafone India Ltd 14.29 4

32 Maharashtra 2100 MHz M/s Vodafone India Ltd 52.17 1

32 North East 900 MHz M/S Reliance Communications Ltd 27.51 22

33 North East 800 MHz M/S Idea Cellular Ltd 391.88 4

33 West Bengal 800 MHz M/S Tata Teleservices Ltd 391.88 4

33 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 22.51 25

33 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 802.54 3

33 Assam 800 MHz M/S Tata Teleservices Ltd 54.44 2

33 Delhi 900 MHz M/S Reliance Communications Ltd 29.36 25

33 Haryana 800 MHz M/S Tata Teleservices Ltd 525.76 2

33 Haryana 900 MHz M/S Bharti Airtel Ltd 5.85 44

33 Maharashtra 900 MHz M/S Aircel Ltd 27.78 22

34 North East 800 MHz M/S Reliance Communications Ltd 36.41 4

34 West Bengal 900 MHz M/S Reliance Communications Ltd 22.51 25

34 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 810.56 3

34 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 54.44 4

34 Delhi 900 MHz M/S Idea Cellular Ltd 29.36 25

34 Haryana 1800 MHz M/s Vodafone India Ltd 15 5

34 Haryana 800 MHz M/S Idea Cellular Ltd 525.76 3

34 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 525.76 3

34 Maharashtra 900 MHz M/s Vodafone India Ltd 5.9 44

34 Maharashtra 900 MHz M/S Reliance JIO Infocomm Ltd 67.43 29

34 North East 900 MHz M/S Reliance JIO Infocomm Ltd 78.36 40

34 Punjab 900 MHz M/S Reliance Communications Ltd 28.05 22

35 Rajasthan 800 MHz M/S Idea Cellular Ltd 36.41 6

35 West Bengal 800 MHz M/S Bharti Airtel Ltd 36.41 4

35 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 36.41 4

35 Assam 900 MHz M/S Reliance Communications Ltd 23.41 25

35 Assam 900 MHz M/S Bharti Airtel Ltd 23.41 6

35 Assam 800 MHz M/S Tata Teleservices Ltd 818.66 1

35 Assam 1800 MHz M/s Vodafone India Ltd 47.6 17

35 Delhi 800 MHz M/S Reliance Communications Ltd 54.98 1

35 Gujarat 900 MHz M/s Vodafone India Ltd 29.36 26

35 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 6.4 20

35 Haryana 900 MHz M/S Bharti Airtel Ltd 11.49 37

35 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 1.8 28

35 Himachal Pradesh 2100 MHz M/S Idea Cellular Ltd 1626.1 1

35 Himachal Pradesh 1800 MHz M/S Aircel Ltd 17.74 9

35 Karnataka 1800 MHz M/S Bharti Airtel Ltd 17.74 25

35 Kolkata 800 MHz M/S Idea Cellular Ltd 196.44 5

35 Kolkata 800 MHz M/S Tata Teleservices Ltd 552.04 2

35 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 153.07 29

35 Maharashtra 800 MHz M/S Bharti Airtel Ltd 14.29 4

35 Maharashtra 900 MHz M/S Bharti Airtel Ltd 5.95 44

35 North East 2100 MHz M/S Idea Cellular Ltd 52.69 1

35 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 4.6 25

35 North East 900 MHz M/S Idea Cellular Ltd 67.43 34

35 Odisha 900 MHz M/S Bharti Airtel Ltd 67.43 50

35 Punjab 900 MHz M/s Vodafone India Ltd 78.36 31

35 Punjab 900 MHz M/S Bharti Airtel Ltd 78.36 37

35 Rajasthan 1800 MHz M/S Reliance JIO Infocomm Ltd 13.2 49

35 Rajasthan 900 MHz M/s Vodafone India Ltd 88.14 26

Page 18 of 31

Page 21: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

35 Rajasthan 900 MHz M/S Aircel Ltd 28.33 22

36 Uttar Pradesh (East) 800 MHz M/S Bharti Airtel Ltd 40.05 4

36 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 40.05 4

36 Assam 900 MHz M/s Vodafone India Ltd 23.64 25

36 Assam 800 MHz M/s Vodafone India Ltd 818.66 3

36 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 818.66 3

36 Delhi 800 MHz M/S Tata Teleservices Ltd 54.98 2

36 Delhi 800 MHz M/S Reliance JIO Infocomm Ltd 54.98 4

36 Haryana 900 MHz M/s Vodafone India Ltd 30.24 26

36 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 6.52 20

36 Haryana 1800 MHz M/s Vodafone India Ltd 1.8 51

36 Haryana 1800 MHz M/S Bharti Airtel Ltd 1.8 26

36 Himachal Pradesh 2100 MHz M/s Vodafone India Ltd 1642.36 1

36 Himachal Pradesh 1800 MHz M/S Aircel Ltd 18.62 9

36 Karnataka 1800 MHz M/S Reliance JIO Infocomm Ltd 18.62 25

36 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 204.29 4

36 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 552.04 3

36 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 14.29 4

36 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 14.29 4

36 North East 900 MHz M/s Vodafone India Ltd 6 44

36 North East 900 MHz M/S Reliance Communications Ltd 6 25

36 North East 2100 MHz M/s Vodafone India Ltd 53.21 1

36 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 4.78 25

36 North East 800 MHz M/S Reliance Communications Ltd 107.31 2

36 Odisha 900 MHz M/S Idea Cellular Ltd 72.15 40

36 Punjab 900 MHz M/S Bharti Airtel Ltd 86.19 37

36 Punjab 1800 MHz M/S Tata Teleservices Ltd 13.2 25

36 Rajasthan 2100 MHz M/s Vodafone India Ltd 608.27 1

37 Rajasthan 800 MHz M/s Vodafone India Ltd 40.05 4

37 Rajasthan 800 MHz M/S Reliance Communications Ltd 40.05 4

37 Assam 900 MHz M/S Reliance Communications Ltd 23.64 25

37 Assam 800 MHz M/S Tata Teleservices Ltd 851.4 1

37 Assam 800 MHz M/S Reliance Communications Ltd 55.52 1

37 Delhi 1800 MHz M/S Bharti Airtel Ltd 6.52 27

37 Haryana 1800 MHz M/S Bharti Airtel Ltd 1.98 26

37 Haryana 1800 MHz M/s Vodafone India Ltd 18.62 33

37 Himachal Pradesh 1800 MHz M/S Idea Cellular Ltd 18.62 6

37 Kolkata 1800 MHz M/S Bharti Airtel Ltd 18.62 25

37 Kolkata 800 MHz M/S Idea Cellular Ltd 204.29 4

37 Kolkata 800 MHz M/S Tata Teleservices Ltd 563.08 2

37 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 747.46 4

37 Maharashtra 800 MHz M/S Reliance Communications Ltd 15 4

37 Mumbai 900 MHz M/S Reliance Communications Ltd 6.3 25

37 North East 900 MHz M/S Bharti Airtel Ltd 6.3 44

37 North East 1800 MHz M/S Idea Cellular Ltd 4.78 25

37 North East 1800 MHz M/S Reliance Communications Ltd 4.78 25

37 Odisha 800 MHz M/s Vodafone India Ltd 107.31 3

37 Odisha 800 MHz M/S Idea Cellular Ltd 107.31 3

37 Punjab 900 MHz M/S Bharti Airtel Ltd 72.15 49

37 Punjab 900 MHz M/S Reliance JIO Infocomm Ltd 86.19 40

37 Punjab 1800 MHz M/S Tata Teleservices Ltd 13.86 25

37 Rajasthan 900 MHz M/s Vodafone India Ltd 28.61 22

37 Rajasthan 900 MHz M/S Reliance Communications Ltd 28.61 22

38 West Bengal 800 MHz M/S Reliance Communications Ltd 42.05 4

38 West Bengal 900 MHz M/S Reliance Communications Ltd 24.58 25

38 Assam 900 MHz M/S Bharti Airtel Ltd 24.58 12

38 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 851.4 3

38 Assam 800 MHz M/S Tata Teleservices Ltd 55.52 2

38 Delhi 900 MHz M/s Vodafone India Ltd 30.24 28

38 Haryana 1800 MHz M/S Bharti Airtel Ltd 6.65 27

38 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 1.98 28

38 Haryana 1800 MHz M/S Aircel Ltd 20.48 9

38 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 20.48 25

38 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 210.41 4

38 Kolkata 800 MHz M/s Vodafone India Ltd 563.08 3

38 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 563.08 3

38 Maharashtra 800 MHz M/S Tata Teleservices Ltd 747.46 2

38 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 747.46 4

38 Mumbai 800 MHz M/S Reliance JIO Infocomm Ltd 15 4

38 Mumbai 900 MHz M/s Vodafone India Ltd 6.61 43

38 North East 900 MHz M/S Reliance Communications Ltd 6.61 25

Page 19 of 31

Page 22: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

38 North East 1800 MHz M/S Bharti Airtel Ltd 4.78 25

38 North East 900 MHz M/S Idea Cellular Ltd 74.31 25

38 Odisha 900 MHz M/S Bharti Airtel Ltd 74.31 49

38 Punjab 900 MHz M/S Bharti Airtel Ltd 88.77 38

38 Punjab 1800 MHz M/S Reliance JIO Infocomm Ltd 13.86 50

38 Rajasthan 2100 MHz M/S Idea Cellular Ltd 614.35 1

38 Rajasthan 900 MHz M/s Vodafone India Ltd 88.14 28

38 Rajasthan 900 MHz M/S Aircel Ltd 30.04 22

39 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 419.31 4

39 West Bengal 900 MHz M/s Vodafone India Ltd 25.07 25

39 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 25.07 12

39 Assam 800 MHz M/S Tata Teleservices Ltd 859.91 1

39 Assam 800 MHz M/s Vodafone India Ltd 55.52 6

39 Delhi 800 MHz M/S Idea Cellular Ltd 55.52 4

39 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 55.52 4

39 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 6.65 20

39 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 1.99 28

39 Haryana 1800 MHz M/S Idea Cellular Ltd 20.48 12

39 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 20.48 25

39 Kolkata 800 MHz M/S Idea Cellular Ltd 210.41 4

39 Kolkata 800 MHz M/S Tata Teleservices Ltd 591.23 2

39 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 777.35 4

39 Maharashtra 800 MHz M/s Vodafone India Ltd 15 4

39 Mumbai 800 MHz M/S Idea Cellular Ltd 15 4

39 North East 900 MHz M/s Vodafone India Ltd 6.94 44

39 North East 900 MHz M/S Reliance Communications Ltd 6.94 25

39 North East 900 MHz M/S Bharti Airtel Ltd 6.94 44

39 North East 1800 MHz M/S Idea Cellular Ltd 4.97 25

39 North East 1800 MHz M/S Bharti Airtel Ltd 4.97 25

39 Odisha 900 MHz M/s Vodafone India Ltd 88.77 25

39 Odisha 1800 MHz M/S Reliance JIO Infocomm Ltd 14.55 50

39 Rajasthan 2100 MHz M/s Vodafone India Ltd 620.49 1

39 Rajasthan 900 MHz M/s Vodafone India Ltd 88.14 29

39 Rajasthan 900 MHz M/S Reliance Communications Ltd 30.34 22

40 Uttar Pradesh (East) 800 MHz M/S Tata Teleservices Ltd 419.31 4

40 West Bengal 800 MHz M/s Vodafone India Ltd 42.05 4

40 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 25.57 25

40 Assam 900 MHz M/S Bharti Airtel Ltd 25.57 14

40 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 859.91 3

40 Assam 800 MHz M/S Reliance Communications Ltd 61.07 1

40 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 6.78 20

40 Haryana 1800 MHz M/S Bharti Airtel Ltd 1.99 26

40 Haryana 1800 MHz M/S Aircel Ltd 22.11 9

40 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 22.11 25

40 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 216.72 4

40 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 591.23 3

40 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 777.35 4

40 Maharashtra 800 MHz M/S Tata Teleservices Ltd 777.35 2

40 Mumbai 800 MHz M/s Vodafone India Ltd 15.75 4

40 Mumbai 900 MHz M/S Reliance Communications Ltd 7.63 25

40 North East 900 MHz M/S Bharti Airtel Ltd 7.63 44

40 North East 1800 MHz M/S Reliance Communications Ltd 4.97 25

40 North East 900 MHz M/s Vodafone India Ltd 89.65 27

40 Odisha 1800 MHz M/S Idea Cellular Ltd 14.55 25

40 Rajasthan 2100 MHz M/S Idea Cellular Ltd 626.69 1

40 Rajasthan 900 MHz M/S Aircel Ltd 30.64 22

41 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 431.88 4

41 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 42.05 4

41 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 26.08 25

41 Assam 900 MHz M/S Reliance Communications Ltd 26.08 25

41 Assam 800 MHz M/S Tata Teleservices Ltd 868.5 1

41 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 61.07 4

41 Delhi 1800 MHz M/S Bharti Airtel Ltd 6.78 27

41 Haryana 1800 MHz M/S Bharti Airtel Ltd 2 26

41 Haryana 1800 MHz M/S Idea Cellular Ltd 22.11 25

41 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 22.11 25

41 Kolkata 800 MHz M/S Idea Cellular Ltd 216.72 4

41 Kolkata 800 MHz M/S Tata Teleservices Ltd 603.05 2

41 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 808.44 4

41 Maharashtra 800 MHz M/S Reliance Communications Ltd 15.75 4

41 Mumbai 900 MHz M/s Vodafone India Ltd 8.01 44

Page 20 of 31

Page 23: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

41 North East 900 MHz M/S Reliance Communications Ltd 8.01 25

41 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 4.97 25

41 North East 900 MHz M/S Bharti Airtel Ltd 89.65 37

41 Odisha 2100 MHz M/s Vodafone India Ltd 632.95 1

41 Rajasthan 900 MHz M/S Reliance Communications Ltd 30.94 22

42 Rajasthan 800 MHz M/S Tata Teleservices Ltd 431.88 4

42 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 42.47 4

42 Andhra Pradesh 900 MHz M/S Reliance Communications Ltd 27.12 25

42 Assam 900 MHz M/S Bharti Airtel Ltd 27.12 14

42 Assam 2100 MHz M/S Idea Cellular Ltd 176.67 1

42 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 868.5 3

42 Assam 800 MHz M/S Idea Cellular Ltd 61.07 4

42 Delhi 800 MHz M/S Tata Teleservices Ltd 61.07 2

42 Haryana 1800 MHz M/S Bharti Airtel Ltd 6.91 27

42 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2 28

42 Haryana 1800 MHz M/S Aircel Ltd 24.32 9

42 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 24.32 25

42 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 223.22 4

42 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 603.05 3

42 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 808.44 2

42 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 808.44 4

42 Mumbai 800 MHz M/S Idea Cellular Ltd 15.75 6

42 Mumbai 800 MHz M/S Reliance JIO Infocomm Ltd 15.75 4

42 North East 900 MHz M/s Vodafone India Ltd 8.41 44

42 North East 900 MHz M/S Bharti Airtel Ltd 8.41 44

42 North East 1800 MHz M/S Idea Cellular Ltd 5.16 25

42 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 5.16 25

42 Odisha 900 MHz M/S Bharti Airtel Ltd 90.54 37

42 Odisha 2100 MHz M/S Idea Cellular Ltd 639.27 1

42 Rajasthan 900 MHz M/S Aircel Ltd 31.24 22

43 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 444.83 4

43 West Bengal 800 MHz M/S Reliance Communications Ltd 42.47 4

43 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 27.66 25

43 Assam 900 MHz M/S Bharti Airtel Ltd 27.66 21

43 Assam 2100 MHz M/s Vodafone India Ltd 178.43 1

43 Assam 800 MHz M/S Tata Teleservices Ltd 877.18 1

43 Assam 800 MHz M/S Reliance Communications Ltd 64.12 1

43 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 6.91 20

43 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.02 28

43 Haryana 1800 MHz M/S Idea Cellular Ltd 24.32 15

43 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 24.32 25

43 Kolkata 800 MHz M/S Idea Cellular Ltd 223.22 4

43 Kolkata 800 MHz M/S Tata Teleservices Ltd 615.11 2

43 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 840.77 4

43 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 16.85 4

43 Mumbai 900 MHz M/S Reliance Communications Ltd 9.16 25

43 North East 900 MHz M/S Bharti Airtel Ltd 9.16 25

43 North East 1800 MHz M/S Reliance Communications Ltd 5.16 25

43 North East 900 MHz M/s Vodafone India Ltd 90.54 27

43 Odisha 2100 MHz M/s Vodafone India Ltd 645.66 1

43 Rajasthan 900 MHz M/S Reliance Communications Ltd 31.55 22

44 Rajasthan 800 MHz M/S Tata Teleservices Ltd 444.83 4

44 West Bengal 800 MHz M/s Vodafone India Ltd 42.47 4

44 Andhra Pradesh 800 MHz M/S Idea Cellular Ltd 42.47 6

44 Assam 800 MHz M/S Reliance Communications Ltd 42.47 5

44 Assam 900 MHz M/s Vodafone India Ltd 28.48 25

44 Assam 900 MHz M/S Reliance Communications Ltd 28.48 31

44 Assam 900 MHz M/S Bharti Airtel Ltd 28.48 25

44 Assam 2100 MHz M/S Idea Cellular Ltd 180.21 1

44 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 877.18 3

44 Assam 800 MHz M/S Tata Teleservices Ltd 64.12 2

44 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 7.04 20

44 Haryana 1800 MHz M/S Bharti Airtel Ltd 2.02 28

44 Haryana 1800 MHz M/S Aircel Ltd 26.26 9

44 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 26.26 25

44 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 229.91 4

44 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 615.11 3

44 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 840.77 4

44 Maharashtra 800 MHz M/S Tata Teleservices Ltd 840.77 2

44 Mumbai 800 MHz M/S Reliance Communications Ltd 16.85 5

44 Mumbai 900 MHz M/s Vodafone India Ltd 9.34 44

Page 21 of 31

Page 24: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

44 North East 900 MHz M/S Bharti Airtel Ltd 9.34 26

44 North East 1800 MHz M/S Bharti Airtel Ltd 5.16 25

44 North East 2100 MHz M/S Idea Cellular Ltd 652.11 1

44 Odisha 900 MHz M/S Aircel Ltd 31.86 22

45 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 458.17 4

45 West Bengal 800 MHz M/s Vodafone India Ltd 45.86 4

45 Andhra Pradesh 900 MHz M/s Vodafone India Ltd 31.32 25

45 Assam 900 MHz M/S Reliance Communications Ltd 31.32 25

45 Assam 2100 MHz M/s Vodafone India Ltd 182.01 1

45 Assam 800 MHz M/S Tata Teleservices Ltd 885.95 1

45 Assam 800 MHz M/S Idea Cellular Ltd 64.12 4

45 Delhi 800 MHz M/S Reliance JIO Infocomm Ltd 64.12 4

45 Haryana 1800 MHz M/S Bharti Airtel Ltd 7.04 27

45 Haryana 1800 MHz M/S Bharti Airtel Ltd 2.04 28

45 Haryana 1800 MHz M/S Bharti Airtel Ltd 26.26 25

45 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 229.91 4

45 Kolkata 800 MHz M/S Tata Teleservices Ltd 627.41 2

45 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 874.4 4

45 Maharashtra 800 MHz M/s Vodafone India Ltd 16.85 4

45 Mumbai 800 MHz M/S Idea Cellular Ltd 16.85 4

45 North East 900 MHz M/s Vodafone India Ltd 9.9 44

45 North East 1800 MHz M/S Idea Cellular Ltd 5.36 25

45 North East 1800 MHz M/S Bharti Airtel Ltd 5.36 25

45 Odisha 2100 MHz M/s Vodafone India Ltd 658.63 1

45 Odisha 900 MHz M/S Reliance Communications Ltd 32.17 22

46 Rajasthan 800 MHz M/S Tata Teleservices Ltd 458.17 4

46 West Bengal 800 MHz M/S Idea Cellular Ltd 45.86 4

46 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 45.86 5

46 Assam 900 MHz M/S Reliance Communications Ltd 32.57 25

46 Assam 900 MHz M/S Bharti Airtel Ltd 32.57 18

46 Assam 2100 MHz M/S Idea Cellular Ltd 183.83 1

46 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 885.95 3

46 Assam 800 MHz M/S Reliance Communications Ltd 67.32 1

46 Delhi 1800 MHz M/S Bharti Airtel Ltd 7.18 27

46 Haryana 1800 MHz M/S Bharti Airtel Ltd 2.04 30

46 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.04 28

46 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 27.57 25

46 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 236.8 4

46 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 627.41 3

46 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 874.4 2

46 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 874.4 4

46 Mumbai 800 MHz M/s Vodafone India Ltd 17.86 4

46 Mumbai 800 MHz M/S Idea Cellular Ltd 17.86 4

46 North East 900 MHz M/S Bharti Airtel Ltd 9.99 44

46 North East 1800 MHz M/S Reliance Communications Ltd 5.36 25

46 North East 2100 MHz M/S Idea Cellular Ltd 665.21 1

46 Odisha 900 MHz M/S Aircel Ltd 32.49 22

47 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 471.91 4

47 West Bengal 800 MHz M/S Idea Cellular Ltd 46.77 4

47 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 46.77 4

47 Assam 900 MHz M/s Vodafone India Ltd 33.54 25

47 Assam 900 MHz M/S Bharti Airtel Ltd 33.54 18

47 Assam 2100 MHz M/s Vodafone India Ltd 185.66 1

47 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 67.32 4

47 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 7.18 20

47 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.08 28

47 Haryana 1800 MHz M/S Bharti Airtel Ltd 27.57 25

47 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 236.8 4

47 Kolkata 800 MHz M/S Tata Teleservices Ltd 639.95 3

47 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 909.37 4

47 Maharashtra 800 MHz M/S Reliance Communications Ltd 17.86 4

47 Mumbai 800 MHz M/S Reliance JIO Infocomm Ltd 17.86 4

47 North East 900 MHz M/s Vodafone India Ltd 10.08 44

47 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 5.36 25

47 North East 2100 MHz M/s Vodafone India Ltd 671.86 1

47 Odisha 900 MHz M/S Reliance Communications Ltd 32.81 22

48 Rajasthan 800 MHz M/S Idea Cellular Ltd 471.91 4

48 West Bengal 800 MHz M/S Tata Teleservices Ltd 471.91 4

48 Andhra Pradesh 800 MHz M/s Vodafone India Ltd 46.77 4

48 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 46.77 4

48 Assam 900 MHz M/s Vodafone India Ltd 34.54 25

Page 22 of 31

Page 25: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

48 Assam 900 MHz M/S Reliance Communications Ltd 34.54 25

48 Assam 2100 MHz M/S Idea Cellular Ltd 187.51 1

48 Assam 800 MHz M/S Tata Teleservices Ltd 67.32 2

48 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 7.32 20

48 Haryana 1800 MHz M/S Bharti Airtel Ltd 2.08 30

48 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 28.39 25

48 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 243.9 4

48 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 646.34 3

48 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 909.37 2

48 Maharashtra 800 MHz M/S Idea Cellular Ltd 18.75 4

48 Mumbai 800 MHz M/S Reliance Communications Ltd 18.75 4

48 North East 900 MHz M/S Bharti Airtel Ltd 10.18 44

48 North East 1800 MHz M/S Idea Cellular Ltd 5.57 25

48 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 5.57 25

48 Odisha 2100 MHz M/S Idea Cellular Ltd 678.57 1

48 Odisha 900 MHz M/S Aircel Ltd 33.13 22

49 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 504.94 4

49 West Bengal 800 MHz M/S Idea Cellular Ltd 49.1 6

49 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 49.1 4

49 Assam 900 MHz M/S Bharti Airtel Ltd 35.92 18

49 Assam 2100 MHz M/s Vodafone India Ltd 189.38 1

49 Assam 800 MHz M/S Reliance Communications Ltd 67.99 1

49 Assam 1800 MHz M/S Idea Cellular Ltd 7.32 10

49 Haryana 1800 MHz M/S Bharti Airtel Ltd 7.32 27

49 Haryana 1800 MHz M/S Idea Cellular Ltd 2.12 10

49 Haryana 1800 MHz M/S Bharti Airtel Ltd 2.12 30

49 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 28.39 25

49 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 243.9 4

49 Kolkata 800 MHz M/S Tata Teleservices Ltd 652.8 3

49 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 18.75 4

49 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 18.75 4

49 North East 900 MHz M/s Vodafone India Ltd 10.28 44

49 North East 2100 MHz M/S Idea Cellular Ltd 53.74 1

49 North East 1800 MHz M/S Reliance Communications Ltd 5.57 25

49 North East 2100 MHz M/s Vodafone India Ltd 685.35 1

49 Odisha 1800 MHz M/S Reliance Communications Ltd 19 3

49 Rajasthan 2100 MHz M/S Reliance Communications Ltd 520.15 1

49 Uttar Pradesh (West) 900 MHz M/S Reliance Communications Ltd 33.46 22

50 Uttar Pradesh (West) 800 MHz M/S Tata Teleservices Ltd 504.94 4

50 West Bengal 800 MHz M/s Vodafone India Ltd 49.1 4

50 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 49.1 4

50 Assam 900 MHz M/s Vodafone India Ltd 35.92 25

50 Assam 2100 MHz M/S Idea Cellular Ltd 191.27 1

50 Assam 800 MHz M/S Tata Teleservices Ltd 67.99 2

50 Assam 1800 MHz M/S Idea Cellular Ltd 7.61 10

50 Haryana 1800 MHz M/S Bharti Airtel Ltd 7.61 27

50 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.12 28

50 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 29.24 25

50 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 251.21 4

50 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 659.32 3

50 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 19.68 4

50 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 19.68 4

50 North East 900 MHz M/S Bharti Airtel Ltd 10.38 44

50 North East 2100 MHz M/s Vodafone India Ltd 54.27 1

50 North East 1800 MHz M/S Bharti Airtel Ltd 5.57 25

50 North East 2100 MHz M/S Idea Cellular Ltd 692.2 1

50 Odisha 2100 MHz M/s Vodafone India Ltd 525.35 1

50 Rajasthan 900 MHz M/S Aircel Ltd 33.79 22

51 Uttar Pradesh (West) 800 MHz M/S Reliance JIO Infocomm Ltd 520.08 4

51 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 52.53 4

51 Andhra Pradesh 900 MHz M/S Bharti Airtel Ltd 36.99 25

51 Assam 800 MHz M/S Tata Teleservices Ltd 894.8 1

51 Assam 800 MHz M/S Reliance Communications Ltd 347.18 2

51 Delhi 800 MHz M/S Reliance JIO Infocomm Ltd 67.99 4

51 Gujarat 1800 MHz M/S Reliance JIO Infocomm Ltd 7.61 20

51 Haryana 1800 MHz M/S Idea Cellular Ltd 2.2 10

51 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.2 28

51 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 29.24 18

51 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 251.21 4

51 Kolkata 900 MHz M/S Idea Cellular Ltd 64.99 32

51 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 665.91 2

Page 23 of 31

Page 26: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

51 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 154.6 30

51 Maharashtra 800 MHz M/s Vodafone India Ltd 19.68 5

51 Maharashtra 800 MHz M/S Reliance Communications Ltd 19.68 4

51 North East 1800 MHz M/S Idea Cellular Ltd 5.79 25

51 North East 1800 MHz M/S Reliance Communications Ltd 5.79 25

51 Odisha 1800 MHz M/S Bharti Airtel Ltd 5.79 25

51 Odisha 2100 MHz M/s Vodafone India Ltd 699.12 1

51 Odisha 900 MHz M/s Vodafone India Ltd 34.12 22

51 Rajasthan 900 MHz M/S Reliance Communications Ltd 34.12 22

52 West Bengal 800 MHz M/S Tata Teleservices Ltd 520.08 2

52 West Bengal 800 MHz M/s Vodafone India Ltd 52.53 4

52 Andhra Pradesh 800 MHz M/S Idea Cellular Ltd 52.53 4

52 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 894.8 3

52 Assam 800 MHz M/S Tata Teleservices Ltd 68.66 4

52 Delhi 800 MHz M/S Reliance Communications Ltd 68.66 1

52 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 7.91 20

52 Haryana 1800 MHz M/S Idea Cellular Ltd 2.2 29

52 Haryana 1800 MHz M/S Bharti Airtel Ltd 2.2 26

52 Himachal Pradesh 1800 MHz M/S Aircel Ltd 29.82 8

52 Himachal Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 29.82 25

52 Kolkata 800 MHz M/S Reliance JIO Infocomm Ltd 258.74 4

52 Kolkata 900 MHz M/S Idea Cellular Ltd 64.99 37

52 Madhya Pradesh 800 MHz M/S Tata Teleservices Ltd 665.91 3

52 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 665.91 3

52 Maharashtra 900 MHz M/S Idea Cellular Ltd 154.6 45

52 Maharashtra 800 MHz M/S Idea Cellular Ltd 20.86 4

52 Maharashtra 800 MHz M/S Reliance Communications Ltd 20.86 4

52 North East 1800 MHz M/S Bharti Airtel Ltd 2.2 4

52 North East 2100 MHz M/S Idea Cellular Ltd 54.81 1

52 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 5.79 25

52 North East 900 MHz M/s Vodafone India Ltd 35.82 22

53 Odisha 800 MHz M/S Tata Teleservices Ltd 525.28 4

53 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 525.28 4

53 Andhra Pradesh 800 MHz M/s Vodafone India Ltd 53.05 6

53 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 53.05 4

53 Assam 900 MHz M/S Bharti Airtel Ltd 36.99 31

53 Assam 2100 MHz M/s Vodafone India Ltd 193.18 1

53 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 68.66 4

53 Assam 900 MHz M/s Vodafone India Ltd 30.24 31

53 Haryana 1800 MHz M/S Bharti Airtel Ltd 7.91 27

53 Haryana 1800 MHz M/S Idea Cellular Ltd 2.35 7

53 Haryana 1800 MHz M/S Bharti Airtel Ltd 2.35 26

53 Himachal Pradesh 1800 MHz M/S Idea Cellular Ltd 29.82 12

53 Himachal Pradesh 1800 MHz M/S Bharti Airtel Ltd 29.82 10

53 Kolkata 800 MHz M/S Idea Cellular Ltd 258.74 4

53 Kolkata 800 MHz M/S Tata Teleservices Ltd 685.88 2

53 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 20.86 6

53 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 20.86 4

53 North East 1800 MHz M/S Bharti Airtel Ltd 2.2 8

53 North East 2100 MHz M/s Vodafone India Ltd 55.35 1

53 North East 1800 MHz M/S Idea Cellular Ltd 6.02 25

53 North East 1800 MHz M/S Bharti Airtel Ltd 6.02 29

53 Odisha 1800 MHz M/S Reliance JIO Infocomm Ltd 6.02 25

53 Odisha 900 MHz M/s Vodafone India Ltd 91.44 29

53 Odisha 900 MHz M/s Vodafone India Ltd 88.14 31

53 Rajasthan 900 MHz M/S Reliance Communications Ltd 36.17 22

54 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 541.03 4

54 West Bengal 800 MHz M/S Idea Cellular Ltd 53.05 6

54 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 53.05 4

54 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 70.71 4

54 Assam 1800 MHz M/S Bharti Airtel Ltd 8.06 31

54 Haryana 1800 MHz M/S Idea Cellular Ltd 2.35 9

54 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.35 28

54 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 266.5 4

54 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 685.88 3

54 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 22.32 4

54 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 22.32 4

54 North East 1800 MHz M/S Idea Cellular Ltd 6.02 50

54 North East 1800 MHz M/S Reliance Communications Ltd 6.02 25

54 Odisha 1800 MHz M/S Bharti Airtel Ltd 6.02 31

54 Odisha 900 MHz M/S Bharti Airtel Ltd 74.31 50

Page 24 of 31

Page 27: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

54 Odisha 900 MHz M/s Vodafone India Ltd 36.53 22

55 Punjab 800 MHz M/S Tata Teleservices Ltd 541.03 3

55 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 57.82 4

55 Andhra Pradesh 800 MHz M/S Tata Teleservices Ltd 903.74 1

55 Assam 800 MHz M/S Idea Cellular Ltd 70.71 6

55 Delhi 800 MHz M/S Tata Teleservices Ltd 70.71 4

55 Haryana 800 MHz M/S Reliance Communications Ltd 70.71 1

55 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 8.06 20

55 Haryana 1800 MHz M/S Idea Cellular Ltd 2.42 27

55 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.42 28

55 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 266.5 4

55 Himachal Pradesh 800 MHz M/S Tata Teleservices Ltd 699.59 2

55 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 22.32 4

55 Maharashtra 800 MHz M/S Reliance Communications Ltd 22.32 4

55 North East 1800 MHz M/S Idea Cellular Ltd 6.62 25

55 North East 1800 MHz M/S Reliance Communications Ltd 6.62 25

55 Odisha 900 MHz M/S Reliance Communications Ltd 36.89 22

56 Odisha 800 MHz M/S Reliance JIO Infocomm Ltd 551.85 4

56 West Bengal 800 MHz M/S Idea Cellular Ltd 57.82 6

56 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 57.82 4

56 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 903.74 3

56 Assam 800 MHz M/S Reliance Communications Ltd 77.07 1

56 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 8.3 20

56 Haryana 1800 MHz M/S Idea Cellular Ltd 2.44 27

56 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 274.49 4

56 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 699.59 3

56 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 23.43 4

56 Maharashtra 800 MHz M/S Reliance Communications Ltd 23.43 4

56 North East 1800 MHz M/S Bharti Airtel Ltd 6.62 31

56 North East 1800 MHz M/S Bharti Airtel Ltd 19.4 3

56 Odisha 900 MHz M/s Vodafone India Ltd 37.25 22

57 Uttar Pradesh (East) 800 MHz M/S Tata Teleservices Ltd 551.85 3

57 West Bengal 800 MHz M/s Vodafone India Ltd 59.55 4

57 Andhra Pradesh 800 MHz M/S Idea Cellular Ltd 59.55 4

57 Assam 800 MHz M/S Tata Teleservices Ltd 912.77 1

57 Assam 1800 MHz M/S Bharti Airtel Ltd 8.3 31

57 Delhi 1800 MHz M/S Idea Cellular Ltd 2.44 28

57 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.44 26

57 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 274.49 4

57 Himachal Pradesh 800 MHz M/S Tata Teleservices Ltd 713.58 2

57 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 23.43 4

57 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 23.43 4

57 North East 1800 MHz M/S Idea Cellular Ltd 6.68 25

57 North East 1800 MHz M/S Idea Cellular Ltd 45 31

57 Odisha 900 MHz M/S Reliance Communications Ltd 37.62 22

58 Tamil Nadu 800 MHz M/S Reliance JIO Infocomm Ltd 562.88 4

58 West Bengal 800 MHz M/S Reliance Communications Ltd 59.55 4

58 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 59.55 4

58 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 912.77 3

58 Assam 1800 MHz M/S Bharti Airtel Ltd 8.54 31

58 Delhi 1800 MHz M/S Idea Cellular Ltd 2.46 28

58 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 282.72 4

58 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 713.58 3

58 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 24.6 4

58 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 24.6 4

58 North East 900 MHz M/s Vodafone India Ltd 37.99 22

59 North East 800 MHz M/S Tata Teleservices Ltd 562.88 3

59 West Bengal 800 MHz M/S Idea Cellular Ltd 62.52 4

59 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 62.52 4

59 Assam 800 MHz M/S Tata Teleservices Ltd 921.89 1

59 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 8.54 20

59 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 2.46 26

59 Haryana 800 MHz M/S Idea Cellular Ltd 282.72 4

59 Himachal Pradesh 800 MHz M/S Tata Teleservices Ltd 727.85 2

59 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 24.6 4

59 Maharashtra 800 MHz M/S Reliance Communications Ltd 24.6 4

59 North East 900 MHz M/S Reliance Communications Ltd 38.36 22

60 North East 800 MHz M/S Reliance JIO Infocomm Ltd 574.13 4

60 West Bengal 800 MHz M/s Vodafone India Ltd 62.52 4

60 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 62.52 4

60 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 921.89 3

Page 25 of 31

Page 28: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

60 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 8.79 20

60 Delhi 1800 MHz M/S Idea Cellular Ltd 2.48 28

60 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 291.2 4

60 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 727.85 3

60 Madhya Pradesh 800 MHz M/S Idea Cellular Ltd 25.83 4

60 Maharashtra 800 MHz M/S Reliance Communications Ltd 25.83 4

60 North East 900 MHz M/s Vodafone India Ltd 38.74 22

61 North East 800 MHz M/S Tata Teleservices Ltd 574.13 3

61 West Bengal 800 MHz M/s Vodafone India Ltd 65.64 4

61 Andhra Pradesh 800 MHz M/S Idea Cellular Ltd 65.64 4

61 Assam 800 MHz M/S Tata Teleservices Ltd 931.1 1

61 Assam 1800 MHz M/S Bharti Airtel Ltd 8.79 31

61 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 2.48 26

61 Haryana 800 MHz M/S Idea Cellular Ltd 291.2 4

61 Himachal Pradesh 800 MHz M/S Tata Teleservices Ltd 742.4 2

61 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 25.83 4

61 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 25.83 4

61 North East 900 MHz M/S Reliance Communications Ltd 39.12 22

62 North East 800 MHz M/S Reliance JIO Infocomm Ltd 585.61 4

62 West Bengal 800 MHz M/S Reliance Communications Ltd 65.64 4

62 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 65.64 4

62 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 931.1 3

62 Assam 1800 MHz M/S Bharti Airtel Ltd 9.05 31

62 Delhi 1800 MHz M/S Idea Cellular Ltd 2.5 41

62 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 299.93 4

62 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 742.4 3

62 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 27.12 4

62 Maharashtra 1800 MHz M/S Idea Cellular Ltd 45 32

62 North East 900 MHz M/s Vodafone India Ltd 39.51 22

63 Tamil Nadu 800 MHz M/S Tata Teleservices Ltd 585.61 3

63 West Bengal 800 MHz M/S Idea Cellular Ltd 68.92 4

63 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 68.92 4

63 Assam 800 MHz M/S Tata Teleservices Ltd 940.41 1

63 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 9.05 20

63 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 2.5 26

63 Haryana 800 MHz M/S Idea Cellular Ltd 299.93 4

63 Himachal Pradesh 800 MHz M/S Tata Teleservices Ltd 757.24 2

63 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 27.12 4

63 Maharashtra 900 MHz M/S Reliance Communications Ltd 39.9 22

64 North East 800 MHz M/S Reliance JIO Infocomm Ltd 597.32 4

64 West Bengal 800 MHz M/s Vodafone India Ltd 68.92 4

64 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 68.92 4

64 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 940.41 3

64 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 9.32 20

64 Delhi 1800 MHz M/S Idea Cellular Ltd 2.6 41

64 Haryana 800 MHz M/S Reliance JIO Infocomm Ltd 308.92 4

64 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 757.24 3

64 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 27.12 4

64 Maharashtra 900 MHz M/s Vodafone India Ltd 40.29 22

65 North East 800 MHz M/S Tata Teleservices Ltd 597.32 3

65 West Bengal 800 MHz M/s Vodafone India Ltd 72.36 4

65 Andhra Pradesh 800 MHz M/S Idea Cellular Ltd 72.36 4

65 Assam 800 MHz M/S Reliance Communications Ltd 106.25 1

65 Assam 800 MHz M/S Tata Teleservices Ltd 949.81 1

65 Bihar 1800 MHz M/S Reliance Communications Ltd 9.32 3

65 Delhi 1800 MHz M/S Bharti Airtel Ltd 9.32 31

65 Haryana 1800 MHz M/S Reliance JIO Infocomm Ltd 2.6 26

65 Haryana 1800 MHz M/S Reliance Communications Ltd 15.15 3

65 Himachal Pradesh 800 MHz M/S Reliance Communications Ltd 183.75 1

65 Kerala 800 MHz M/S Idea Cellular Ltd 308.92 4

65 Kolkata 800 MHz M/S Tata Teleservices Ltd 772.38 2

65 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 27.39 4

65 Maharashtra 1800 MHz M/S Reliance Communications Ltd 14.34 3

66 North East 800 MHz M/S Reliance JIO Infocomm Ltd 609.26 4

66 Punjab 800 MHz M/S Reliance Communications Ltd 72.36 4

66 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 72.36 4

66 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 949.81 3

66 Assam 1800 MHz M/S Reliance Communications Ltd 9.59 3

66 Delhi 1800 MHz M/S Idea Cellular Ltd 2.7 40

66 Haryana 1800 MHz M/s Vodafone India Ltd 15.15 5

66 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 318.18 4

Page 26 of 31

Page 29: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

66 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 772.38 3

66 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 27.39 4

66 Maharashtra 900 MHz M/S Bharti Airtel Ltd 40.69 7

67 North East 800 MHz M/S Tata Teleservices Ltd 609.26 3

67 West Bengal 800 MHz M/S Idea Cellular Ltd 75.97 4

67 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 75.97 4

67 Assam 800 MHz M/S Tata Teleservices Ltd 959.3 1

67 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 2.7 26

67 Delhi 1800 MHz M/s Vodafone India Ltd 15.3 5

67 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 318.18 4

67 Kerala 800 MHz M/S Tata Teleservices Ltd 787.82 2

67 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 27.39 4

67 Maharashtra 900 MHz M/s Vodafone India Ltd 40.69 22

67 North East 900 MHz M/S Bharti Airtel Ltd 40.69 8

68 West Bengal 800 MHz M/S Reliance JIO Infocomm Ltd 621.44 4

68 West Bengal 800 MHz M/s Vodafone India Ltd 75.97 4

68 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 75.97 4

68 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 959.3 3

68 Assam 1800 MHz M/S Idea Cellular Ltd 2.78 35

68 Delhi 1800 MHz M/S Reliance Communications Ltd 15.45 3

68 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 327.72 4

68 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 787.82 3

68 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 27.66 4

68 Maharashtra 900 MHz M/s Vodafone India Ltd 41.5 11

68 North East 900 MHz M/S Bharti Airtel Ltd 41.5 8

69 West Bengal 800 MHz M/S Tata Teleservices Ltd 621.44 3

69 West Bengal 800 MHz M/s Vodafone India Ltd 79.76 4

69 Andhra Pradesh 800 MHz M/S Idea Cellular Ltd 79.76 4

69 Assam 800 MHz M/S Tata Teleservices Ltd 968.89 1

69 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 9.59 20

69 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 2.78 26

69 Haryana 1800 MHz M/s Vodafone India Ltd 15.45 5

69 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 327.72 4

69 Kerala 800 MHz M/S Tata Teleservices Ltd 803.57 2

69 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 27.66 4

69 Maharashtra 900 MHz M/s Vodafone India Ltd 91.44 31

69 North East 1800 MHz M/s Vodafone India Ltd 19.4 3

70 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 633.86 4

70 Uttar Pradesh (East) 800 MHz M/S Reliance Communications Ltd 79.76 4

70 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 79.76 4

70 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 968.89 3

70 Assam 1800 MHz M/S Idea Cellular Ltd 2.83 35

70 Delhi 1800 MHz M/S Reliance Communications Ltd 15.6 3

70 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 337.55 4

70 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 803.57 3

70 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 27.66 4

70 Maharashtra 1800 MHz M/S Bharti Airtel Ltd 19.59 4

70 North East 900 MHz M/S Bharti Airtel Ltd 41.5 11

71 Uttar Pradesh (East) 800 MHz M/S Tata Teleservices Ltd 633.86 3

71 West Bengal 800 MHz M/S Idea Cellular Ltd 83.74 4

71 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 83.74 4

71 Assam 800 MHz M/S Tata Teleservices Ltd 978.57 1

71 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 2.83 26

71 Delhi 1800 MHz M/s Vodafone India Ltd 15.6 5

71 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 337.55 4

71 Kerala 800 MHz M/S Tata Teleservices Ltd 819.64 2

71 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 27.93 4

71 Maharashtra 1800 MHz M/s Vodafone India Ltd 19.59 3

72 North East 800 MHz M/S Reliance JIO Infocomm Ltd 646.53 4

72 Uttar Pradesh (East) 800 MHz M/s Vodafone India Ltd 83.74 4

72 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 83.74 4

72 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 978.57 3

72 Assam 1800 MHz M/S Idea Cellular Ltd 2.88 30

72 Delhi 1800 MHz M/S Reliance Communications Ltd 15.75 3

72 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 347.67 4

72 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 819.64 3

72 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 27.93 4

72 Maharashtra 1800 MHz M/S Reliance JIO Infocomm Ltd 19.59 15

73 North East 800 MHz M/S Tata Teleservices Ltd 646.53 3

73 Uttar Pradesh (East) 800 MHz M/s Vodafone India Ltd 87.92 4

73 Andhra Pradesh 800 MHz M/S Idea Cellular Ltd 87.92 4

Page 27 of 31

Page 30: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

73 Assam 800 MHz M/S Tata Teleservices Ltd 988.35 1

73 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 2.88 26

73 Delhi 1800 MHz M/s Vodafone India Ltd 15.75 5

73 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 347.67 4

73 Kerala 800 MHz M/S Tata Teleservices Ltd 836.03 2

73 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 27.93 4

73 Maharashtra 1800 MHz M/S Reliance JIO Infocomm Ltd 19.78 15

74 North East 800 MHz M/S Reliance JIO Infocomm Ltd 659.46 4

74 Uttar Pradesh (East) 800 MHz M/S Reliance Communications Ltd 87.92 4

74 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 87.92 4

74 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 988.35 3

74 Assam 1800 MHz M/S Idea Cellular Ltd 2.9 30

74 Delhi 1800 MHz M/S Reliance Communications Ltd 15.9 3

74 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 358.1 4

74 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 836.03 3

74 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 28.2 4

74 Maharashtra 1800 MHz M/s Vodafone India Ltd 19.78 3

75 North East 800 MHz M/S Tata Teleservices Ltd 659.46 3

75 Uttar Pradesh (East) 800 MHz M/S Idea Cellular Ltd 92.31 4

75 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 92.31 4

75 Assam 1800 MHz M/S Reliance JIO Infocomm Ltd 2.9 26

75 Assam 1800 MHz M/s Vodafone India Ltd 15.9 5

75 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 358.1 4

75 Kerala 800 MHz M/S Tata Teleservices Ltd 852.75 3

75 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 28.2 4

76 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 672.64 4

76 North East 800 MHz M/s Vodafone India Ltd 92.31 4

76 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 92.31 4

76 Assam 1800 MHz M/S Reliance Communications Ltd 16.05 3

76 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 368.84 4

76 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 861.27 3

76 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 28.2 4

77 Maharashtra 800 MHz M/S Tata Teleservices Ltd 672.64 3

77 North East 800 MHz M/S Idea Cellular Ltd 96.92 4

77 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 96.92 4

77 Assam 1800 MHz M/s Vodafone India Ltd 16.05 5

77 Assam 800 MHz M/S Idea Cellular Ltd 368.84 4

77 Kerala 800 MHz M/S Tata Teleservices Ltd 869.88 3

77 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 28.48 4

78 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 686.09 4

78 North East 800 MHz M/s Vodafone India Ltd 96.92 4

78 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 96.92 4

78 Assam 1800 MHz M/s Vodafone India Ltd 16.21 5

78 Assam 1800 MHz M/S Reliance Communications Ltd 16.21 3

78 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 379.9 4

78 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 878.57 3

78 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 28.48 4

79 Maharashtra 800 MHz M/S Tata Teleservices Ltd 686.09 3

79 North East 800 MHz M/S Idea Cellular Ltd 101.76 4

79 Andhra Pradesh 800 MHz M/S Reliance Communications Ltd 101.76 4

79 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 101.76 4

79 Assam 800 MHz M/S Tata Teleservices Ltd 998.23 1

79 Assam 1800 MHz M/S Reliance Communications Ltd 16.37 3

79 Delhi 800 MHz M/S Idea Cellular Ltd 379.9 4

79 Kerala 800 MHz M/S Tata Teleservices Ltd 887.35 2

79 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 28.48 4

80 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 699.81 4

80 North East 800 MHz M/S Idea Cellular Ltd 102.77 4

80 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 102.77 4

80 Assam 800 MHz M/S Reliance JIO Infocomm Ltd 998.23 3

80 Assam 1800 MHz M/s Vodafone India Ltd 16.37 5

80 Delhi 800 MHz M/S Reliance JIO Infocomm Ltd 391.29 4

80 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 887.35 3

80 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 28.76 4

81 Maharashtra 800 MHz M/S Tata Teleservices Ltd 699.81 3

81 North East 800 MHz M/S Reliance Communications Ltd 102.77 4

81 Andhra Pradesh 800 MHz M/S Tata Teleservices Ltd 1008.21 1

81 Assam 1800 MHz M/S Reliance Communications Ltd 16.53 3

81 Delhi 800 MHz M/S Idea Cellular Ltd 391.29 4

81 Kerala 800 MHz M/S Tata Teleservices Ltd 905.09 2

81 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 28.76 4

Page 28 of 31

Page 31: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

82 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 713.8 4

82 North East 800 MHz M/S Reliance JIO Infocomm Ltd 103.79 4

82 Andhra Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 1008.21 3

82 Assam 900 MHz M/S Idea Cellular Ltd 30.24 30

82 Delhi 1800 MHz M/S Idea Cellular Ltd 2.92 30

82 Haryana 1800 MHz M/s Vodafone India Ltd 16.53 5

82 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 403.02 4

82 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 905.09 3

82 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 28.76 4

82 Maharashtra 1800 MHz M/S Idea Cellular Ltd 2.2 5

83 North East 800 MHz M/S Tata Teleservices Ltd 713.8 3

83 North East 800 MHz M/S Tata Teleservices Ltd 1018.29 1

83 Andhra Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 2.92 26

83 Delhi 1800 MHz M/S Reliance Communications Ltd 16.69 3

83 Himachal Pradesh 800 MHz M/S Idea Cellular Ltd 403.02 4

83 Kerala 800 MHz M/S Tata Teleservices Ltd 923.19 2

83 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 29.04 4

83 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 29.04 4

84 North East 800 MHz M/S Reliance JIO Infocomm Ltd 728.07 4

84 North East 800 MHz M/S Reliance JIO Infocomm Ltd 1018.29 3

84 Andhra Pradesh 1800 MHz M/S Idea Cellular Ltd 2.94 30

84 Delhi 1800 MHz M/s Vodafone India Ltd 16.69 5

84 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 415.11 4

84 Kerala 800 MHz M/S Reliance JIO Infocomm Ltd 923.19 3

84 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 29.04 4

85 Maharashtra 800 MHz M/S Tata Teleservices Ltd 728.07 3

85 North East 800 MHz M/S Tata Teleservices Ltd 1028.47 1

85 Andhra Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 2.94 26

85 Delhi 800 MHz M/S Idea Cellular Ltd 415.11 4

85 Himachal Pradesh 800 MHz M/S Tata Teleservices Ltd 941.65 2

85 Madhya Pradesh 800 MHz M/S Reliance Communications Ltd 29.33 4

85 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 29.33 4

86 North East 800 MHz M/S Reliance JIO Infocomm Ltd 742.63 4

86 North East 800 MHz M/S Reliance JIO Infocomm Ltd 1028.47 3

86 Andhra Pradesh 1800 MHz M/S Idea Cellular Ltd 2.96 30

86 Delhi 800 MHz M/S Reliance JIO Infocomm Ltd 427.56 4

86 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 941.65 3

86 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 29.33 4

87 Maharashtra 800 MHz M/S Tata Teleservices Ltd 742.63 3

87 North East 800 MHz M/S Tata Teleservices Ltd 1038.75 1

87 Andhra Pradesh 1800 MHz M/S Reliance JIO Infocomm Ltd 2.96 26

87 Delhi 800 MHz M/S Idea Cellular Ltd 427.56 4

87 Himachal Pradesh 800 MHz M/S Tata Teleservices Ltd 960.48 2

87 Madhya Pradesh 800 MHz M/s Vodafone India Ltd 29.62 4

87 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 29.62 4

88 North East 1800 MHz M/S Idea Cellular Ltd 2.98 30

88 North East 1800 MHz M/S Reliance JIO Infocomm Ltd 2.98 27

88 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 440.38 4

88 Himachal Pradesh 800 MHz M/S Reliance Communications Ltd 29.62 4

88 Madhya Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 91.44 40

88 North East 900 MHz M/S Reliance JIO Infocomm Ltd 89.02 29

88 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 110.25 25

89 Uttar Pradesh (East) 1800 MHz M/S Idea Cellular Ltd 3.03 30

89 Uttar Pradesh (West) 800 MHz M/S Idea Cellular Ltd 440.38 4

89 Himachal Pradesh 800 MHz M/S Reliance Communications Ltd 29.91 4

89 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 29.91 4

89 North East 900 MHz M/S Bharti Airtel Ltd 93.26 31

89 North East 900 MHz M/S Reliance JIO Infocomm Ltd 93.26 40

89 Rajasthan 900 MHz M/s Vodafone India Ltd 89.02 31

89 Rajasthan 900 MHz M/S Idea Cellular Ltd 115.76 30

90 Uttar Pradesh (East) 1800 MHz M/S Reliance JIO Infocomm Ltd 3.03 27

90 Uttar Pradesh (West) 800 MHz M/S Reliance JIO Infocomm Ltd 453.59 4

90 Himachal Pradesh 800 MHz M/s Vodafone India Ltd 29.91 4

90 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 95.12 31

90 North East 900 MHz M/S Bharti Airtel Ltd 95.12 31

90 Rajasthan 900 MHz M/s Vodafone India Ltd 94.36 31

90 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 115.76 25

91 Uttar Pradesh (East) 1800 MHz M/S Idea Cellular Ltd 3.09 29

91 Uttar Pradesh (West) 800 MHz M/S Idea Cellular Ltd 453.59 4

91 Himachal Pradesh 800 MHz M/s Vodafone India Ltd 30.2 4

91 Madhya Pradesh 900 MHz M/S Reliance JIO Infocomm Ltd 96.07 40

Page 29 of 31

Page 32: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

91 North East 900 MHz M/S Reliance JIO Infocomm Ltd 95.3 29

91 Rajasthan 900 MHz M/S Idea Cellular Ltd 121.54 30

92 Uttar Pradesh (East) 1800 MHz M/S Reliance JIO Infocomm Ltd 3.09 27

92 Uttar Pradesh (West) 800 MHz M/S Reliance JIO Infocomm Ltd 467.19 4

92 Himachal Pradesh 800 MHz M/S Reliance Communications Ltd 30.2 4

92 Madhya Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 30.2 4

92 North East 900 MHz M/s Vodafone India Ltd 96.07 31

92 North East 900 MHz M/S Bharti Airtel Ltd 96.07 31

92 Rajasthan 900 MHz M/s Vodafone India Ltd 95.3 31

92 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 121.54 25

93 Uttar Pradesh (East) 1800 MHz M/S Idea Cellular Ltd 3.12 29

93 Uttar Pradesh (West) 800 MHz M/S Idea Cellular Ltd 467.19 4

93 Himachal Pradesh 800 MHz M/S Reliance Communications Ltd 30.5 4

93 Madhya Pradesh 900 MHz M/S Bharti Airtel Ltd 103.75 31

93 North East 900 MHz M/S Reliance JIO Infocomm Ltd 103.75 40

93 Rajasthan 900 MHz M/s Vodafone India Ltd 101.01 31

93 Rajasthan 900 MHz M/S Idea Cellular Ltd 127.61 30

94 Uttar Pradesh (East) 1800 MHz M/S Reliance JIO Infocomm Ltd 3.12 27

94 Uttar Pradesh (West) 800 MHz M/S Reliance JIO Infocomm Ltd 481.2 4

94 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 30.5 4

94 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 105.82 31

94 North East 900 MHz M/S Reliance JIO Infocomm Ltd 105.82 40

94 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 102.02 29

94 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 127.61 25

95 Uttar Pradesh (East) 800 MHz M/S Idea Cellular Ltd 106.25 4

95 Uttar Pradesh (West) 1800 MHz M/S Idea Cellular Ltd 3.15 26

95 Bihar 800 MHz M/s Vodafone India Ltd 30.5 4

95 Himachal Pradesh 900 MHz M/S Bharti Airtel Ltd 107.93 31

95 North East 900 MHz M/S Reliance JIO Infocomm Ltd 107.93 40

95 Rajasthan 900 MHz M/s Vodafone India Ltd 102.02 31

95 Rajasthan 900 MHz M/S Idea Cellular Ltd 133.99 30

96 Uttar Pradesh (East) 1800 MHz M/S Reliance JIO Infocomm Ltd 3.15 27

96 Uttar Pradesh (West) 800 MHz M/S Idea Cellular Ltd 481.2 4

96 Himachal Pradesh 800 MHz M/s Vodafone India Ltd 30.8 4

96 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 110.08 31

96 North East 900 MHz M/S Bharti Airtel Ltd 110.08 31

96 Rajasthan 900 MHz M/s Vodafone India Ltd 108.14 31

96 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 133.99 25

97 Uttar Pradesh (East) 1800 MHz M/S Idea Cellular Ltd 3.18 25

97 Uttar Pradesh (West) 800 MHz M/S Reliance JIO Infocomm Ltd 495.63 4

97 Himachal Pradesh 800 MHz M/S Reliance Communications Ltd 30.8 4

97 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 111.18 31

97 North East 900 MHz M/S Reliance JIO Infocomm Ltd 111.18 40

97 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 109.22 29

97 Rajasthan 900 MHz M/S Idea Cellular Ltd 140.68 30

98 Uttar Pradesh (East) 1800 MHz M/S Reliance JIO Infocomm Ltd 3.18 27

98 Uttar Pradesh (West) 800 MHz M/S Idea Cellular Ltd 495.63 4

98 Himachal Pradesh 800 MHz M/S Reliance JIO Infocomm Ltd 30.8 4

98 Madhya Pradesh 900 MHz M/S Bharti Airtel Ltd 113.4 31

98 North East 900 MHz M/S Reliance JIO Infocomm Ltd 113.4 40

98 Rajasthan 900 MHz M/s Vodafone India Ltd 109.22 25

98 Rajasthan 1800 MHz M/s Vodafone India Ltd 19.78 14

98 Uttar Pradesh (East) 900 MHz M/S Reliance JIO Infocomm Ltd 140.68 25

99 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 510.49 4

99 Uttar Pradesh (West) 800 MHz M/S Reliance JIO Infocomm Ltd 31.1 4

99 Madhya Pradesh 900 MHz M/s Vodafone India Ltd 115.66 31

99 North East 900 MHz M/S Bharti Airtel Ltd 115.66 31

99 Rajasthan 900 MHz M/s Vodafone India Ltd 114.68 25

99 Rajasthan 1800 MHz M/s Vodafone India Ltd 20.17 14

99 Uttar Pradesh (East) 1800 MHz M/S Bharti Airtel Ltd 20.17 3

99 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 147.71 25

99 Uttar Pradesh (East) 1800 MHz M/S Idea Cellular Ltd 19 11

100 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 81.36 25

100 Uttar Pradesh (West) 800 MHz M/S Reliance Communications Ltd 31.1 4

100 Bihar 900 MHz M/s Vodafone India Ltd 116.81 31

100 North East 900 MHz M/S Reliance JIO Infocomm Ltd 116.81 40

100 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 114.68 29

100 Rajasthan 1800 MHz M/S Reliance JIO Infocomm Ltd 20.17 15

100 Uttar Pradesh (East) 1800 MHz M/S Idea Cellular Ltd 19.19 11

101 Uttar Pradesh (East) 900 MHz M/S Bharti Airtel Ltd 84.61 7

101 Uttar Pradesh (West) 900 MHz M/S Reliance JIO Infocomm Ltd 84.61 25

Page 30 of 31

Page 33: Case Study_Finance_India Spectrum Auctions

Bid

DataClock

Round

Service Area BAND BIDDER

Bid amount per

Block (Rs.

Crore)

No. of

Block(s)

Selected

101 Bihar 800 MHz M/s Vodafone India Ltd 31.1 4

101 Bihar 900 MHz M/S Bharti Airtel Ltd 119.14 30

101 North East 900 MHz M/S Reliance JIO Infocomm Ltd 119.14 40

101 Rajasthan 900 MHz M/s Vodafone India Ltd 120.41 25

101 Rajasthan 1800 MHz M/S Reliance JIO Infocomm Ltd 20.77 15

102 Uttar Pradesh (East) 900 MHz M/S Idea Cellular Ltd 85.45 25

102 Uttar Pradesh (East) 900 MHz M/S Reliance JIO Infocomm Ltd 85.45 25

102 Bihar 800 MHz M/s Vodafone India Ltd 31.41 4

102 Bihar 800 MHz M/S Reliance JIO Infocomm Ltd 31.41 4

102 North East 900 MHz M/s Vodafone India Ltd 121.52 31

102 North East 900 MHz M/S Bharti Airtel Ltd 121.52 30

102 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 120.41 29

102 Rajasthan 1800 MHz M/s Vodafone India Ltd 20.77 14

102 Uttar Pradesh (East) 1800 MHz M/S Bharti Airtel Ltd 20.77 3

103 Uttar Pradesh (East) 900 MHz M/S Bharti Airtel Ltd 88.86 7

103 Uttar Pradesh (East) 800 MHz M/S Reliance Communications Ltd 31.41 4

103 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 121.52 40

103 North East 900 MHz M/s Vodafone India Ltd 126.43 25

103 Rajasthan 1800 MHz M/s Vodafone India Ltd 21.39 14

103 Uttar Pradesh (East) 1800 MHz M/S Bharti Airtel Ltd 21.39 3

104 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 107.31 4

104 Uttar Pradesh (East) 800 MHz M/S Reliance Communications Ltd 31.72 4

104 Bihar 900 MHz M/S Reliance JIO Infocomm Ltd 131.24 40

104 North East 800 MHz M/S Reliance JIO Infocomm Ltd 167.5 3

104 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 126.43 29

105 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 31.72 4

105 Uttar Pradesh (East) 900 MHz M/s Vodafone India Ltd 131.24 31

105 North East 900 MHz M/S Bharti Airtel Ltd 131.24 30

105 Rajasthan 900 MHz M/s Vodafone India Ltd 132.75 25

105 Rajasthan 800 MHz M/S Reliance Communications Ltd 118.75 1

106 Uttar Pradesh (East) 900 MHz M/s Vodafone India Ltd 141.73 32

106 Uttar Pradesh (West) 900 MHz M/S Bharti Airtel Ltd 141.73 30

106 Rajasthan 900 MHz M/S Reliance JIO Infocomm Ltd 132.75 29

107 Rajasthan 800 MHz M/S Reliance JIO Infocomm Ltd 1038.75 3

107 Uttar Pradesh (East) 900 MHz M/s Vodafone India Ltd 143.14 32

107 Delhi 900 MHz M/s Vodafone India Ltd 139.38 25

107 Rajasthan 1800 MHz M/S Reliance JIO Infocomm Ltd 21.39 15

108 Uttar Pradesh (East) 800 MHz M/S Tata Teleservices Ltd 1049.13 1

108 Uttar Pradesh (East) 900 MHz M/S Reliance JIO Infocomm Ltd 139.38 29

108 Delhi 1800 MHz M/S Reliance JIO Infocomm Ltd 22.03 15

109 Uttar Pradesh (East) 900 MHz M/S Bharti Airtel Ltd 88.86 8

109 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 960.48 3

109 Bihar 900 MHz M/s Vodafone India Ltd 146.34 28

109 Maharashtra 900 MHz M/S Reliance JIO Infocomm Ltd 146.34 29

110 Uttar Pradesh (East) 800 MHz M/S Tata Teleservices Ltd 979.68 2

110 Uttar Pradesh (East) 900 MHz M/s Vodafone India Ltd 155.12 28

111 Maharashtra 800 MHz M/S Reliance JIO Infocomm Ltd 1049.13 3

111 Uttar Pradesh (East) 800 MHz M/S Reliance JIO Infocomm Ltd 979.68 3

112 Delhi 800 MHz M/S Tata Teleservices Ltd 1059.62 1

112 Maharashtra 800 MHz M/S Tata Teleservices Ltd 999.27 2

113 Delhi 800 MHz M/S Reliance JIO Infocomm Ltd 757.48 4

114 Maharashtra 800 MHz M/S Tata Teleservices Ltd 757.48 3

Page 31 of 31