Bids worth Rs 9,225 cr on Day 1 of 2G auction

There was no bidder for pan-India airwaves for which the government had set a base or bid start price of Rs 14,000 crore. Demand was concentrated in select circles like Gujarat, Uttar Pradesh (East) and Uttar Pradesh (West).

Of the 22 telecom circles, which cover the entire nation, bids were received for 18, with Delhi, Mumbai, Rajasthan and Karnataka which had the highest base price drawing a blank.

"Seven rounds of auction completed today. Auction incomplete and will continue on Wednesday. 98 blocks committed as against 176 blocks offered," Telecom Secretary R Chandrashekhar said.

The bids received for the airwaves amounted to Rs 9,224.75 crore at the end of last round of auction for the day.

In the seventh round, there was no bids received for spectrum in UP (W) and Gujarat circle as well.

COAI General Secretary R S Mathews said, "The limited amount of spectrum, contrary in our opinion to the SC ruling, was guaranteed to have a very detrimental impact on the auction."

"We said that the high reserve price would ensure that limited players come into the bid and that is exactly what we have seen," he said, adding COAI had rightly predicted no bidders for several circles.

The auction, he said, would not last more than two days. (MORE)