With sufficient telecom spectrum available for 5G network, it is unlikely that the bidding for the same will be aggressive, state research reports. “The highest amount of spectrum available per player for 5G bands on a pan-India basis would be worth Rs 489 billion ($6.1 billion). Assuming both Rjio (Reliance Jio Infocomm) and Bharti Airtel bid to the maximum extent allowed, there would still be enough spectrum left to satisfy the maximum amount that the other two players can bid (based on their EMD amounts),” Morgan Stanley said. “Given adequate spectrum availability, and based on our assumptions, we estimate all the winning bids at the reserve prices with overall spectrum outlay of potentially about Rs 1 trillion,” states Nomura in its report. The four bidders for the 5G spectrum auction have paid their earnest money deposit (EMD) with Reliance Jio Infocomm Ltd paying the highest at Rs 14,000 crore.