Union Cabinet approves reserve price for auction of 2G spectrum

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Monday approved the reserve price for the auction of the 2G telecom spectrum in the 800, 900 and 1800 megahertz (MHz) bands.

The auction aims at getting the market-determined price of the spectrum in various bands via a transparent process and to ensure the efficient use of the spectrum.

According to reports, the reserve price in the 800 MHz band will be Rs 3646 crore per MHz across India and the reserve price in the 900 MHz band will be Rs 3980 crore per MHz across the country, excluding Delhi, Mumbai, Kolkata, and Jammu and Kashmir.

Meanwhile, the government has reportedly approved the reserve price of Rs 2191 crore per MHz pan India excluding Maharashtra and West Bengal in the1800 MHz band.

An official statement said that the estimated revenue from this auction is Rs 64840 crore, of which Rs 16000 crore is expected to be realized in the current financial year.