Third time most definitely appears to be the charm for the auction, with two previous attempts at selling the licences in November 2012 and March 2013 both failing to reach even the lowest of estimates. This latest round of bidding however far exceeded the Indian government’s target of £1.8 billion.
The government stands to receive $3 billion initially, with companies required to pay up to a third of the winning price now, with the rest to follow by 2026. The money will be used to help shrink the country’s budget deficit.