The government began the auction for telecom spectrum through which it is hoping to meet Rs 40,000 crore revenue target.
The much-awaited auction for the airwaves or frequencies freed from the cancellation of 122 telecom licenses, belonging to mainly eight companies, by the Supreme Court in February, started at 0900 hours on Monday.
Telecom Secretary R Chandrashekhar replied in the affirmative when asked if the auction started on time.
The auction has started for 1800 megahertz spectrum band -- currently being used for offering 2G GSM telecom services.
Five telecom operators -- Bharti Airtel, Vodafone, Telenor-promoted Telewings, Videocon and Idea Cellular -- had applied for participating in the auctions.
"As per schedule, auction time is from 0900 hrs to 1930 hrs. Participating firms have been given an option to seek extension of auction rounds," consulting firm for auction, E-Procurement Technologies' Vice President Suraj Radhakrishnan said.
Bidders will have a total of 240 minutes of extension time to be used in the entire auction process, he added.
Radhakrishnan said there should be around six to seven rounds of auctions per day.
"First round time is from 9 AM to 10 AM but completion of round will depend on participating firm as they have option to extend time for rounds. Details will made public after auction time ends," he added.
The government is auctioning spectrum in 11 blocks having 1.25 Mhz frequency in all the circles, except in Delhi and Mumbai where there are only 8 blocks.
Out of 11 blocks in each circle, three blocks are reserved for new telecom players or operators whose 122 licences were quashed by the Supreme Court on February 2 in the 2G spectrum allocation scam case.
New players and telecom companies affected by the verdict will have to win at least 4 blocks to start or continue their operations.
Existing players whose licences were not affected by the Supreme Court order can bid for only two blocks. This applies to Airtel, Vodafone, and partially to Idea Cellular.
The bid details, including the highest bid value, will be disclosed at the end of each day till the completion of the e-auction, DoT had said.
However, the name of the bidder will not be revealed.
The operators will be allowed to bid only through four IP addresses pre-registered with the Department of Telecom (DoT).
The auction will remain closed on gazetted holidays and on Sundays.