(MENAFN) India raised a record USD17.6 billion during intense bidding on a government auction of mobile phone airwaves, as analysts warned of price hikes for subscribers, Arab News reported.
Communications and IT minister said total bids of USD17.6 billion had been received during the 19-day auction of wireless spectrum in one of the world's largest smartphone markets.
The battle among eight mobile phone carriers, including market leaders Vodafone, Bharti Airtel and Idea, has been fierce, making the auction the most expensive competition of its kind in India.
"This is the highest ever in (the) history of India. There will be major implications of the high price auction," the minister told reporters, according to the Press Trust of India news agency.
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