Upcoming Spectrum Auction – No Surprises; Regulations Unchanged: ICICI Securities

ICICI Securities Report

Department of Telecom has released a notice inviting application for the upcoming spectrum auction slated to start from May 20, 2024. The auction shall include unsold spectrum from the previous auction and upcoming spectrum for renewal in CY24.

DoT has not included any spectrum in the 600MHz and 700MHz bands in the upcoming auction. Spectrum reserve prices have been increased in 3,300MHz and 26GHz bands by 12% and 8.9%, respectively.

1,800MHz band reserve prices have been increased largely in Uttar Pradesh east. Other spectrum bands have not seen much increase in reserve prices.

Spectrum regulation and payment options are largely unchanged.

We assume the upcoming spectrum auction’s success will be limited to renewals, else operators have sufficient spectrum quantities across bands to offer 4G and 5G services.

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