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Reliance Jio has acquired 5g spectrum bands for 700MHz, 800MHz, 1800MHz, 3300MHz, and 26GHz aggregating the payments of Rs. 88,078 crores, held by the Department of Telecommunications in a 5G network auction.
This acquisition will strengthen India’s global leadership in wireless broadband connectivity and will also enable Jio to build the most advanced 5G network in the world. Further, the company's 5G networks will enable the next generation of digital solutions that are supposed to accelerate India’s AI-driven march towards becoming a $5 trillion economy.
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These 5g spectrum bands have been acquired at a cost of Rs. 88,078 crores for a period of 20 years. The payments have to be made over 20 equal annual installments, with interest computed at 7.2% per annum making the payments of ₹7,877 crores annually.
“Of the total, the telecom giant will pay ₹3,512 crores annually for 700 MHz, ₹94 crores for 800 MHz, ₹628 crores for 1800 MHz, ₹3,017 crores for 3300 MHz, and ₹625 crores for 26 GHz bands,” a senior official of JIO said in a statement.
Akash M Ambani, Chairman, Reliance Jio Infocomm said, "We have always believed that India will become a leading economic power in the world by adopting the power of breakthrough technologies. This was the vision and conviction that gave birth to Jio. The speed, scale, and societal impact of Jio’s 4G rollout are unmatched anywhere in the world. Now, with a bigger ambition and stronger resolve, Jio is set to lead India’s march into the 5G era."
Post acquiring a combination of low band, mid band, and mmWave spectrum, along with an internal deep fiber network and indigenous technology platforms, Jio will be able to provide 5G everywhere and for all.
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