28/01/2015 8:31 PM IST | Updated 15/07/2016 8:24 AM IST

India Sets Base Price Of 37.05 Bln Rupees For 2100 Spectrum Auction

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Birds sit on cables connected to a mobile phone telecommunications tower in Mumbai, India, on Wednesday, Jan. 29, 2014. India got bids totaling 446.1 billion rupees ($7.12 billion) on the first day of a wireless spectrum auction on Feb. 3, the third effort by the government to raise revenue from the sale of airwaves in the last 15 months. Photographer: Dhiraj Singh/Bloomberg via Getty Images

The Indian cabinet set a base price of 37.05 billion rupees ($603.98 million) for every megahertz (MHz) of nationwide spectrum in the 2100 megahertz spectrum auction, the telecoms minister said on Wednesday.

Earlier in January, the government had said it expects to raise 648.40 billion rupees from an auction of various mobile phone airwaves, intended to help carriers expand their services in a fast-growing market and the government to bolster its strained finances.

The government had then said it would announce details on the 2,100 MHz airwaves eventually. ($1 = 61.3430 Indian rupees)