Rothschild nets Rs30.5 crore commission from 3G, BWA auctions
26 Jun 2010
Global investment banking giant NM Rothschild has netted a handsome Rs30.5 crore in commission from the government for a job well done on the auction of 3G and broadband spectrum.
Rothschild had been committed 0.115 per cent of the difference of the final bid amount of the highest bidder and the reserve price as commission by the government.
The government has earned over Rs67,700 crore from the sale of 3G spectrum and in excess of Rs38,500 crore from sale of BWA.
This was the first time that an e-auction was conducted in India for wireless spectrum.
"This was the first time that an e-auction of such magnitude was conducted by the government and the experience has been very positive. Care was taken to ensure that all systems were in place and adequate multi-layered security features were incorporated in the auction system," telecom secretary P J Thomas said.
A similar auction for spectrum had been conducted by Rothschild in Hong Kong.