Cut in reserve price of unsold airwaves approved

NEW DELHI Fri Dec 14, 2012 1:34am IST

1 of 2. The sun rises behind a communications tower in New Delhi March 20, 2006.

Credit: Reuters/B Mathur/Files

Related Topics

Stocks

   
A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

NEW DELHI (Reuters) - The cabinet approved a 30 percent cut in the reserve price of mobile phone airwaves in four telecommunication zones, a minister said on Thursday, after carriers shunned last month's auction in those zones saying the prices were too high.

The cabinet also approved a ministerial panel's proposal to set the auction reserve price of more efficient 900 megahertz band airwaves at twice that of the basic phone airwaves in the 1800 megahertz band, the minister, who did not want to be named, told reporters.

India is betting on the revenue from phone airwaves auctions and stake sales in state-run companies to plug its widening fiscal deficit. The government raised less than a quarter of its 400-billion-rupee target in last month's auction.

The government aims to conduct the next auction during the current fiscal year ending in March. It also plan to sell 900 megahertz band airwaves in a separate, but simultaneous auction.

(Reporting by Nigam Prusty; editing by Malini Menon)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage