India's largest ever spectrum auction kicks off today with over 2300 Mhz of airwaves on sale at a total reserve price of Rs.5.60 lakh crore. The coveted 700 Mhz (4G) band will be offered for the first time but starting prices are high. No. 1 telco Bharti Airtel and newcomer Reliance Jio Infocomm could spend $1 billion each to augment data capacity. Vodafone India and Idea Cellular, which need to boost 4G holdings, could bid twice that, said Goldman Sachs. Jio's Rs.6,500 crore deposit is a clear signal that it means business, analysts said.
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