Adani Invested 219 Crore, But Won’t Enter In Private 5G Sector
Adani Group had invested $27 million (₹219 Crore) for 5G spectrum last year. But they said that they have no plans to enter private 5G network space.
In the country’s 5G auction last year, Adani Enterprises’ subsidiary Adani Data Networks acquired airwaves worth almost $27 million, although at the time, the business had stated it had no plans to provide consumer services and was instead attempting to establish the private 5G network industry.
The billionaire Gautam Adani-owned Indian conglomerate Adani Group announced on Thursday that it has no aspirations to enter the telecom industry in the nation.
Adani has been expanding his business by investing in media companies and switching from ports to energy. The Adani Group has refrained from entering India’s telecom market, where rival Jio, owned by Mukesh Ambani, has since its launch in 2016 grown to be a major player by providing low-cost services.
Jugeshinder Singh, the chief financial officer of the Adani Group, stated during a press conference in Mumbai, “We have no intentions or ambitions in telecom.”
Adani Data Networks, a division of Adani Enterprises, bought airwaves in the nation’s 5G auction last year for about $27 million.
Concerns about the Adani group’s excessive debt levels have also been raised by its growth into the cement and healthcare sectors.
Concerns about the conglomerate’s high debt levels and its significant promoter shareholding have also been raised by its rapid growth into industries including cement and healthcare.
The company has stated that its projected $2.5 billion mega follow-on public offering (FPO), which begins later this month, will be utilized for capital expenditures and to pay down debt at its units.
In June 2022, Adani unexpectedly entered the telecom industry by filing an EMD to take part in the 5G auction.
Even while the ports-to-energy company purchased mm-wave spectrum in the auction for 200 crore rupees, it made clear even then that it would not be competing in the consumer mobility market.
Adani is probably going to use the spectrum to install private networks in its factories.
A new investor can now enter the telecom industry as Vodafone Idea struggles to make ends meet. Adani, though, seems to have disqualified itself from the competition.
