Telecom Circle Population Covered (in Millions) MHz

Uttar Pradesh Telecom Circle Central 119.6 3600 MHz

Maharashtra Telecom Circle West 123.1 3300 MHz
Himachal Pradesh Telecom Circle North 55.6 700 MHz
Gujarat Telecom Circle West 63.9 900 MHz
Bihar Telecom Circle Central 124.8 3600 MHz
West Bengal Telecom Circle East 99.6 1800 MHz
Orissa Telecom Circle South 46.4 800 MHz
Karnataka Telecom Circle South 67.6 900 MHz
Jharkhand Telecom Circle East 38.6 700 MHz
Rajasthan Telecom Circle West 81 900 MHz
Andhra Pradesh Telecom Circle South 53.9 3300 MHz
Punjab Telecom Circle North 30.1 800 MHz
Madhya Pradesh Telecom Circle Central 85.4 3300 MHz
Haryana Telecom Circle North 28.2 700 MHz
Kerala Telecom Circle South 35.7 700 MHz
Tamil Nadu Telecom Circle South 77.8 1800 MHz
Assam Telecom Circle East 35.6 800 MHz
Chattisgarh Telecom Circle East 29.4 700 MHz
Mumbai Metro Telecom Circle West 20.2 700 MHz
Delhi Metro Telecom Circle North 29 700 MHz
Jammu Telecom Circle North 28 800 MHz
Uttrakhand Telecom Circle Central 19 1000 MHz
Nagaland Telecom Circle North-east 22.5 700 MHz
Manipur Telecom Circle North-east 22.5 700 MHz
Sikkim Telecom Circle North-east 6.9 800 MHz

Uttar Pradesh (East) Telecom Circle 5,000,000

Andhra Pradesh Telecom Circle 5,000,000
 Gujarat Telecom Circle 3,500,000
Bihar Telecom Circle 1,000,000
Maharashtra Telecom Circle 2,500,000
Uttar Pradesh (West) Telecom Circle 2,500,000
Orissa Telecom Circle 2,500,000
Karnataka Telecom Circle 2,000,000
Madhya Pradesh Telecom Circle 2,000,000
Punjab Telecom Circle 2,000,000
West Bengal Telecom Circle 2,000,000
Haryana Telecom Circle 1,500,000
Kerala Telecom Circle 1,500,000
Assam Telecom Circle 1,500,000
Mumbai Metro Telecom Circle 1,500,000
Rajasthan Telecom Circle 1,500,000
Tamil Nadu Telecom Circle* 1,500,000
Northeast Telecom Circle 1,000,000
Kolkata Metro Telecom Circle 1,000,000
Delhi Metro Telecom Circle 1,000,000
Jammu & Kashmir Telecom Circle 1,000,000
Himachal Pradesh Telecom Circle 1,000,000
 Indian Telec
Base Price (INR mn) ARPU (INR) Churn Rate
Subscriber
(%) Growth Rate (%)
Revenue difference
5500 78 20 21 9328.8 1.196
5500 61 24 30 7509.1 7.386
5000 144 24 27 8006.4 1.668
5000 127 22 24 8115.3 1.278
4000 50 25 29 6240 4.992
4000 72 28 24 7171.2 -3.984
3500 138 21 20 6403.2 -0.464
3500 99 29 26 6692.4 -2.028
3000 123 20 22 4747.8 0.772
3000 61 26 24 4941 -1.62
2500 92 24 21 4958.8 -1.617
2500 140 22 24 4214 0.602
2500 69 32 20 5892.6 -10.248
2500 125 21 27 3525 1.692
2500 113 30 29 4034.1 -0.357
2500 56 25 20 4356.8 -3.89
2000 109 31 29 3880.4 -0.712
1500 113 26 21 3322.2 -1.47
1500 131 26 24 2646.2 -0.404
1500 76 28 31 2204 0.87
1000 67 24 28 1876 1.12
1000 98 23 24 1862 0.19
500 50 21 25 1125 0.9
500 53 26 22 1192.5 -0.9
500 80 31 33 650 0.138
 Indian Telecom Sector
expected increase Increase % 5th Year Revenue 4th year revenue
93.288 1.00% 9804.66255537288 9707.586688488
450.546 6.00% 10048.8696847562 9480.065740336
240.192 3.00% 9281.61194847552 9011.273736384
162.306 2.00% 8959.94694220896 8784.261708048
249.6 4.00% 7591.914110976 7299.9174144
-286.848 -4.00% 5847.20068902912 6090.834051072
-64.032 -1.00% 6089.37948751968 6150.888371232
-200.772 -3.00% 5746.99159359468 5924.733601644
94.956 2.00% 5241.95483743296 5139.171409248
-98.82 -2.00% 4466.2726569888 4557.42107856
-148.764 -3.00% 4258.29028664116 4389.989986228
84.28 2.00% 4652.5965046848 4561.36912224
-707.112 -12.00% 3109.71309293568 3533.764878336
211.5 6.00% 4717.24516104 4450.231284
-40.341 -1.00% 3836.38896030159 3875.140363941
-217.84 -5.00% 3371.2087885 3548.64083
-77.608 -2.00% 3507.57425990272 3579.157408064
-166.11 -5.00% 2570.6550305625 2705.95266375
-52.924 -2.00% 2391.95521249216 2440.770624992
66.12 3.00% 2555.0400597572 2480.62141724
75.04 4.00% 2282.4408449024 2194.65465856
18.62 1.00% 1956.9807132862 1937.60466662
45 4.00% 1368.7345152 1316.09088
-47.7 -4.00% 972.331941888 1012.8457728
11.04 1.70% 707.107220797621 695.297854166849
3rd year revnue 2nd year revnue 1st year revnue total revenue PV OF FUTURE
9611.4719688 9516.30888 9422.088 48062.1180926609 36,369.83
8943.4582456 8437.22476 7959.646 44869.2644306922 33,642.88
8748.8094528 8493.98976 8246.592 43782.2768976595 33,007.81
8612.0212824 8443.15812 8277.606 43076.994052657 32,536.44
7019.15136 6749.184 6489.6 35149.766885376 26,450.99
6344.6188032 6608.97792 6884.352 31775.9834633011 24,278.05
6213.0185568 6275.77632 6339.168 31068.2307355517 23,599.57
6107.9727852 6296.87916 6491.628 30568.2051404387 23,309.63
5038.4033424 4939.61112 4842.756 25201.896709081 19,035.22
4650.429672 4745.3364 4842.18 23261.6398075488 17,703.67
4525.7628724 4665.73492 4810.036 22649.8140652692 17,271.50
4471.930512 4384.2456 4298.28 22368.4217389248 16,895.07
4015.6419072 4563.22944 5185.488 20407.8373184717 15,846.85
4198.3314 3960.69 3736.5 21062.99784504 15,792.99
3914.2831959 3953.82141 3993.759 19573.3929301426 14,868.04
3735.4114 3932.012 4138.96 18726.2330185 14,335.78
3652.2014368 3726.73616 3802.792 18268.4612647667 13,903.52
2848.371225 2998.2855 3156.09 14279.3544193125 10,931.49
2490.5822704 2541.41048 2593.276 12457.9945878842 9,481.37
2408.370308 2338.2236 2270.12 12052.3753849972 9,086.38
2110.244864 2029.0816 1951.04 10567.4619674624 7,952.25
1918.420462 1899.4262 1880.62 9593.0520419062 7,259.31
1265.472 1216.8 1170 6337.0973952 4,768.81
1055.04768 1099.008 1144.8 5284.033394688 4,037.20
683.685715249382 672.267510153846 661.04 3419.3983003677 2,584.16

25401.0805817111
39016.7516788628
 10%
Ideal Max Bidding Amount NPV Base price
Final base price bid bid
28,644.27 7,725.56 5,728.85 5500 0 9000 18000
26,278.04 7,364.84 5,255.61 5500 0 10000 20000
25,909.52 7,098.29 5,181.90 5000 0 11000 22000
25,582.16 6,954.29 5,116.43 5000 0 7000 14000
20,728.37 5,722.62 4,145.67 4000 0 8000 16000
19,285.36 4,992.68 3,857.07 4000 0 8000 16000
18,649.78 4,949.79 3,729.96 3500 0
18,484.04 4,825.59 3,696.81 3500 0 9000 18000
16,803.50 2,231.72 3,360.70 3500 -500 6000 12000
14,014.47 3,689.20 2,802.89 3000 0 7000 14000
13,695.93 3,575.57 2,739.19 2500 0 5000 10000
13,283.95 3,611.12 2,656.79 2500 0 8000 16000
12,767.91 3,078.94 2,553.58 2500 0
12,335.71 3,457.28 2,467.14 2500 0 8000 16000
11,749.61 3,118.43 2,349.92 2500 0 3000 6000
11,407.55 2,928.23 2,281.51 2500 0 3500 7000
11,006.22 2,897.30 2,201.24 2000 0 8000 16000
8,698.62 2,232.87 1,739.72 1500 0 4000 8000
7,505.58 1,975.79 1,501.12 1500 0 5000 10000
7,132.37 1,954.02 1,426.47 1500 0 4000 8000
6,231.80 1,720.45 1,246.36 1000 0 8000 16000
5,717.31 1,542.00 1,143.46 1000 0 8000 16000
3,737.09 1,031.72 747.42 500 0
3,206.97 830.23 641.39 500 0
2,032.85 551.31 406.57 500 0

Mention in the doc:

Cost of Capital
$30,537.46 Assuming revenue as free cash flow
Sector IRR
30000 Maximize NPV
Disclaimers
 $18,369.83
$13,642.88
$11,007.81
$18,536.44
$10,450.99
$8,278.05

$5,309.63
$7,035.22
$3,703.67
$7,271.50
$895.07

($207.01)
$8,868.04
$7,335.78
($2,096.48)
$2,931.49
($518.63)
$1,086.38
($8,047.75)
($8,740.69)

revenue as free cash flow

 Team 1 Team 2
Revenue (millions) Revenue (millions)
Tower Circle Bought Tower Circle
(PV of Future inflows) (PV of Future inflows)
35,000
Orissa South 10,000

NPV 2,500 NPV 17,500

GT / Amount Left 25,000 GT / Amount Left

Team 6 Team 7
Revenue (millions) Revenue (millions)
Tower Circle Bought Tower Circle
(PV of Future inflows) (PV of Future inflows)
35,000
Orissa South

NPV 17,500 NPV 17,500

GT / Amount Left 35,000 GT / Amount Left

Team 11 Team 12
Revenue (millions) Revenue (millions)
Tower Circle Bought Tower Circle
(PV of Future inflows) (PV of Future inflows)
35,000
Orissa South

NPV 17,500 NPV 17,500

GT / Amount Left 35,000 GT / Amount Left
 Team 3 Team 4
Revenue (millions)
Bought Tower Circle Bought Tower Circle
(PV of Future inflows)
35,000 35,000

NPV 17,500 NPV

35,000 GT / Amount Left 35,000 GT / Amount Left

Team 8 Team 9
Revenue (millions)
Bought Tower Circle Bought Tower Circle
(PV of Future inflows)
35,000 35,000

NPV 17,500 NPV

35,000 GT / Amount Left 35,000 GT / Amount Left

Team 13 Team 14
Revenue (millions)
Bought Tower Circle Bought Tower Circle
(PV of Future inflows)
35,000 35,000

NPV 17,500 NPV

35,000 GT / Amount Left 35,000 GT / Amount Left
Team 4 Team 5
Revenue (millions) Revenue (millions)
Bought Tower Circle Bought
(PV of Future inflows) (PV of Future inflows)
35,000 35,000

17,500 NPV 17,500

17500 35,000 GT / Amount Left 35,000

Team 9 Team 10
Revenue (millions) Revenue (millions)
Bought Tower Circle Bought
(PV of Future inflows) (PV of Future inflows)
35,000 35,000

17,500 NPV 17,500

17500 35,000 GT / Amount Left 35,000

Team 14 Team 15
Revenue (millions) Revenue (millions)
Bought Tower Circle Bought
(PV of Future inflows) (PV of Future inflows)
35,000 35,000

17,500 NPV 17,500

17500 35,000 GT / Amount Left 35,000
 Team
Team names Circle 1 Bid price
Number
Acers 1
Battle Hawks 2
Bidders 3
Case Busters 4
Charters 5
Gamblers 6
Go-Getters 7
Number Crunchers 8
Outbidders 9
Sage 10
Stars 11
The Crazy Ones 12
Trichy Musketeers 13
Triple Stars 14
Welstar 15
Circle 2 Bid price Circle 3 Bid price
Amount left

35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000