(ANI): Shares of Adani Enterprises rose substantially on Monday after the Adani group cleared the air about its participation in the upcoming 5G spectrum auction.
Confirming several media reports, Gautam Adani-led Adani group on Saturday said it will participate in the bidding process of the 5G telecom spectrum auction. However, the group has no intention to enter the consumer mobility space.
At 1.30 p.m., the shares of the company traded at ₹2,348, up 2.4 per cent from Friday's closing.
"As India prepares to roll out next-generation 5G services through this auction, we are one of the many applicants participating in the open bidding process," Adani group spokesperson said in a statement.
It is participating in the 5G spectrum auction to provide private network solutions along with enhanced cyber security at airports, ports and logistics, power generation, transmission, distribution, and various manufacturing operations.
Also, if the 5G spectrum is awarded to the company in the open bidding starting July 26, it will align with the Adani group's recent announcement of significantly increasing the Adani Foundation's investments in education, healthcare, and skill development in rural areas, each of which stands to benefit from 5G technology, the company's spokesperson said.
Airtel, Jio, Vodafone Idea are other telecom operators that will participate in the auction.
"In addition, as we build our own digital platform encompassing super apps, edge data centres, and industry command and control centres, we will need ultra high quality data streaming capabilities through a high frequency and low latency 5G network across all our businesses. All of this is aligned with our nation building philosophy and supporting an Atmanirbhar Bharat," the spokesperson said.