Ambani’s Jio Top Buyer in Record $19 Billion India Airwave Sale

Billionaire Mukesh Ambani-led Reliance Jio Infocomm Ltd. spent more than $11 billion, emerging the top buyer in India’s airwaves auction as it sought to cement its edge over the rivals.

The South Asian nation sold spectrum, including 5G airwaves, worth 1.5 trillion rupees ($19 billion) across multiple bands, India’s telecom minister Ashwini Vaishnaw told reporters in New Delhi on Monday, confirming the government’s forecast of a record collection. Reliance Jio, India’s largest wireless operator, bought 24,740 megahertz of airwaves for 880.78 billion rupees, he said.