Jio submits EMD of ₹10,000 crore.
Reliance Jio, Bharti Airtel and Vodafone Idea have submitted a total earnest money deposit (EMD) of ₹13,475 crore for the spectrum auction scheduled to start from March 1, according to information disclosed by the Department of Telecom on Thursday.
The total EMD amount is close to one-fourth of the amount required to be eligible for buying all spectrum, worth a base price of ₹3.92 lakh crore, put on the block.
The richest player Reliance Jio with net worth of ₹1.79 lakh crore has submitted an EMD of ₹10,000 crore, which indicates that the company will bid for spectrum in select spectrum bands. This is perhaps the highest EMD submitted by a telecom player for any spectrum auction held in the country till date.