Reliance Jio, Bharti Airtel, and Vodafone Idea also bid

 Spectrum Auction: Bids worth Rs 77,146 crore were received on the first day of the spectrum auction

Bids worth Rs 77,146 crore were received on Monday, the first day of the country's first spectrum auction in five years, with Reliance Jio, Bharti Airtel, and Vodafone Idea also bidding.

More than 2,250 MHz of the spectrum has been introduced in seven bands worth Rs 4 lakh crore at the reserve or starting price in the auction which started on Monday.

Telecom Minister Ravi Shankar Prasad said bids for spectrum worth Rs 77,146 crore were received on the first day of the auction, but no bids were received for radio waves in the premium 700 and 2500 MHz bands. The auction will continue on Tuesday.

Bids came in the bands of 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, and 2300 MHz, the spectrum being auctioned is in the band of about 700 MHz. It could not be sold at the 2016 auction.

Experts say the main reason is that when other sub-GHz bands are available at lower prices, companies are unlikely to diversify into the new spectrum band, as it will require investment in the device.