Reliance Jio has emerged as a winner in the 5G network auction held by the Department of Telecommunications in July. Reliance Jio has acquired spectrum bands in the 700MHz, 800MHz, 1800MHz, 3300MHz, and 26GHz, aggregating Rs88,078 crore. While the bands have been acquired for a period of 20 years, the payments will be made through 20 equated annual instalments, with interest computed at 7.2% per annum.
Akash M Ambani, Chairman, Reliance Jio Infocomm said, “We have always believed that India will become a leading economic power in the world by adopting the power of breakthrough technologies. This was the vision and conviction that gave birth to Jio. The speed, scale, and societal impact of Jio’s 4G rollout is unmatched anywhere in the world. Now, with a bigger ambition and stronger resolve, Jio is set to lead India’s march into the 5G era.”
Furthermore, this acquisition has increased Jio’s total spectrum footprint to 26,772 MHz, which is the highest in India. The company will now be able to build the world’s most advanced 5G network and also strengthen the country’s global leadership in wireless broadband connectivity.