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News: 3G Auction : Bids Cross $3.5Bn

3G Auction bidding has touched Rs 15,814 crore ($3.5Bn), ~352% above the base price. As of Saturday, 172 rounds of bidding had been completed with Delhi leading the race, followed by Mumbai (pdf).

Government is expected to earn Rs 63,900 crore from the auction, which is expected to conclude in a few days.

Foreign cos may have to invest in India to supply equipment

Owing to the recent controversy over Huawei’s equipment deal with operators, government has established Planning Commission committee to review the prospects of forcing all foreign equipment manufacturers to invest in Indian facilities before they will be allowed to enter into contracts to supply equipment.

Telcos may have to raise Rs 50,000 cr to fund 3G rollout

As 3G auction crosses $3.5Bn, the companies that win the third generation (3G) licences are expected to raise more than Rs 50,000 crore by way of debt in order to roll out their services.

Interestingly, the money constitutes nearly 26 per cent of the total domestic borrowing of the Indian corporate sector in 2008-09. Last year, Indian companies had also raised $7.9 billion through external commercial borrowings (ECB).

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