India's 5G airwaves auction starting Tuesday is expected to be subdued, with telecom giants having adequate holdings and low consumer 5G adoption. Analysts predict Reliance Jio, Bharti Airtel, and Vodafone Idea will collectively spend around Rs 12,500 crore, focusing on renewals and selective acquisitions. Interest costs for deferred payments are higher this year, with Airtel likely to be the top spender.
