Mukesh Ambani’s Reliance Jio, Gautam Adani’s Adani Data Networks both buy into $19b spectrum LONDON: India’s 5G spectrum, reported to be worth $19 billion, has been sold after a seven-day bid to the country’s largest mobile network operators: Reliance Jio, Bharti Airtel and Vodafone Idea. Reliance Jio, owned by Mukesh Ambani, one of Asia’s richest men, was reported to have outbid rivals in the race to dominate the next generation of digital services, buying spectrum worth $11 billion. “Jio is fully ready for 5G rollout in the shortest period of time because of its nationwide fiber presence ... and strong global partnerships across the technology ecosystem,” Reliance Jio said in a statement. In addition to the three telecom giants, Adani Data Networks, a subsidiary of Adani Group, a multinational operating across different sectors including ports, airports, logistics and energy, was reported to have acquired “only” about $26 million of private spectrum. “We are participating in the 5G spectrum auction to provide private network solutions along with enhanced cybersecurity in the airport, ports and logistics, power generation, transmission, distribution and various manufacturing operations,” the group said in a statement. A surprise entrant for the auction, Adani Group is owned by tycoon Gautam Adani, who recently surpassed Bill Gates to become the world’s fourth-richest person, with a net worth of more than $112 billion. While Adani Group has repeatedly denied plans to enter the wider communications market, experts predict that its latest move could just be the first step in that direction. “We believe if the Adani Group does end up buying spectrum in the upcoming auction, it could potentially increase competition ... in addition to opening the doors for Adani Group to expand into consumer mobile services over time,” Goldman Sachs said. The move has the potential to further transform the Indian telecommunications market just a few years after Reliance Jio’s disruptive entry in 2016, and could ignite a competition between two of Asia’s wealthiest men. Secretary of India’s Ministry of Communications Kalyanaraman Rajaraman said on Monday that the 5G auction was a success and reflected “a very positive uptick in the mood of the industry.” The government is expected to finish allocating airwaves by end of summer and start rolling out 5G services in early October this year. “Within a year or so, we should have a good rollout of 5G in the country,” Ashwini Vaishnaw, India’s telecoms minister, said.