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Read more with google mobile : India's 3G spectrum auction raises $14.6 billion

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India's 3G spectrum auction raises $14.6 billion By ERIKA KINETZ,AP Business Writer - 2 hours 17 minutes ago Send IM Story Print MUMBAI, India – A fierce auction for 3G cell phone spectrum in India ended Wednesday, generating $14.6 billion for the government, the Department of Telecommunications said. The government had expected to get less than 350 billion rupees ($7.5 billion) but over 34 days of bidding, the amount rose to 509.7 billion rupees ($11 billion), according to bid prices listed on the Department of Telecommunications' website. Two state owned companies, which were given advance spectrum, must also match the winning bid prices, making the total government take 677 billion rupees ($14.6 billion). The government could use that unexpected windfall to trim its swollen fiscal deficit. "Of course, getting extra money from the 3G auction will provide a little more elbow room and fiscal space for me to manage financial matters," Finance Minister Pranab Mukherjee told reporters. Whether India's winning telecom companies will make out as well remains to be seen, analysts say. None of the seven winning operators will have a nationwide presence. Bharti Airtel, Reliance Communications and Aircel each won bids in 13 of 22 areas, more than any other company. Vodafone bought into nine areas. Market leaders Bharti, Vodafone and Reliance Communications paid dearly for spectrum in the key markets of Mumbai and New Delhi, but will need to tie up with smaller players to provide nationwide coverage for their 3G customers. The three winning bidders for New Delhi spectrum each paid 33.2 billion rupees ($715.5 million), while Mumbai's three winners paid 32.5 billion rupees ($700.4 million). The auction hit in the middle of a brutal cellular price war in India, and paying for spectrum will hit already eroding margins. India's mobile market is far from mature, adding 20 million users a month, many of them in rural villages where they have little use for the fancy data services, video calls and high-tech graphic applications that 3G makes possible. Sandeep Ladda, an executive director at PricewaterhouseCoopers in Mumbai, said what many operators really wanted was not the 3G license, but the additional spectrum to serve India's fast-growing customer base. "You're adding 20 million customers a month, which is phenomenal by any standard. That's going to go on for two or three years," he said. "I'm not going to provide 3G in every village and town. My interest is in providing basic services, like voice, in areas where I'm adding customers." He said it could take five years before operators recoup their bids. A separate auction for broadband wireless spectrum is expected to start soon. Recommend Send IM Story Print Related Articles Japan's economy grows for fourth straight quarter AP - 16 minutes ago Hurdles for new Indonesia finance chief: analysts AFP - 20 minutes ago US-BUSINESS Summary Reuters - 29 minutes ago Asian stocks bashed to 8-month lows as euro retreats Reuters - 29 minutes ago European shares recover; banks up, SABMiller falls Reuters - 32 minutes ago News Search Top Stories Tough US measures needed to beat climate change: experts US Fed sees stronger economic recovery Chemical sweep yields hope in malaria battle: study Obama turns on glamour for Mexico state dinner Johnson warns England stars to beware tour pitfalls More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Stock markets in tailspin after German selling ban Japan town bans public servants from growing beards Ocean fish could disappear in 40 years: UN Tuberculosis most deadly of 'neglected' diseases Dollar surges to new four-year high against euro More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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