Four firms bid for 3G e-auction agency

According to India’s Economic Times, four companies have submitted bids for the right to conduct online auctions for 3G frequencies. ‘Only four companies – mjunction, Rothschild, MSTC and Sai Information System – have submitted their bids with us today,’ a Department of Telecommunications (DoT) official said; the deadline for bids was 25 September. Under DoT guidelines all firms bidding to conduct the auctions must declare their shareholder structure, and no potential bidder may have more than a 10% stake in any telco in India. Additionally, only companies which have a net worth of at least INR100 million (USD2.15 million), paid-up capital of INR25 million and have conducted similar auctions before will be eligible to apply. Following the declaration of eligible bidders, which is expected on 26 September, technical bids will be due on 1 October, followed by financial bids on 3 October. The DoT has previously indicated that the auctions for 3G frequency would take place within three months of selecting the agency to run the auction.