Reliance Jio submits highest EMD of Rs 3,000 cr for spectrum auction

New Delhi, May 16, 2024.

Reliance Jio has deposited the highest earnest money of Rs 3,000 crore for the upcoming spectrum auction, which gives the company the potential to bid for maximum radiowaves, according to details published by the Department of Telecom on Thursday.

According to pre-qualified bidder details released by the DoT, Bharti Airtel has submitted the earnest money deposit (EMD) of Rs 1,050 crore and Vodafone Idea (VIL) of Rs 300 crore.

Companies get points based on the EMD amount they have deposited, which enables them to bid for the number of circles and quantity of spectrum they want. Higher points mean a higher capability to place bids.