Telcos submit Rs 15,000 crore bank guarantee for spectrum auction

Domestic telecom companies have submitted their bank guarantees for the upcoming telecom spectrum auction, BTVT Live said. 

Telcos have submitted bank guarantees or Earnest Money Deposit (EMD) amounting to a total of Rs 15,000 crore for the auction, it said. 

According to Zee Business, EMD determines which companies will participate in the auction. 

While the newest player -- Reliance Jio -- may emerge as the highest bidder, Vodafone India is likely to be the second largest bidder, it said. 

Reliance Jio has submitted a bank guarantee of Rs 6,500 crore.

Vodafone India has submitted a guarantee of Rs 2,740 crore; Bharti Airtel has submitted a guarantee of Rs 1,980 crore. Idea Cellular has submitted a guarantee of Rs 2,000 crore. Tata Teleservices Rs 1,300 crore; Reliance Communications Rs 313 crore; Aircel Rs 120 crore. 

The biggest-ever telecom spectrum auction is likely to take place on October 1, after it was pushed back on the request of the telecom companies. 

The government is putting 2,354.55 MHz on the block with the hopes of raising Rs 5.66 lakh crore on the basis of the base price of the airwaves. 

The airwave auction will see the -- 700 Mhz, 800 MHz, 900 Mhz, 1,800 Mhz, 2,100 Mhz, and 2,300 Mhz -- being sold. 

Telecor will not be participating in the spectrum auction.