Adani Data Networks has put in a paltry Rs 100 crore as earnest money to participate in 5G spectrum auctions. Gautam Adani company will earn money to buy airwaves worth Rs 650 to 700 crore. The consumer has to enter the mobility business at least for now.

Speculation about Adani entering the consumer wireless business had alarmed shareholders of rival telcos, bringing back memories of the assault Mukesh Ambani had launched six years ago that forced a crowded telecom market to consolidate and crippled the balance sheets of the ones that survived.

“With Rs 14,000 crore, they can buy Rs 1.4 trillion worth of spectrum, one-third of all the spectrum put up for auction. This is clearly a statement, showing potential rivals what is needed to enter the Indian telecom sector,” a senior industry executive said on the condition of anonymity. Also, the spectrum has been purchased in the 3.5GHz and 26GHz bands for deploying 5G by the three carriers.