"The reserve price for new channels in existing FM Phase II cities shall be the highest bid price received for that city in Phase II.
In cities which are being taken up afresh, the reserve price shall be the highest bid price received during FM Phase II for that category of cities in that region," I&B minister Manish Tewari said here.
He was responding to a question in the Rajya Sabha.
He also said that the government had also cleared the proposal of the I&B ministry for conducting ascending e-auction as followed by the Department of Telecommunications for the auction of 3 G spectrum for award of license to FM channels.
He said that 839 FM channels in 294 cities will be available in auctions.
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