Indian government on October 15, said it will allot spectrum for satellite broadband administratively and not via auction, hours after Elon Musk criticized the auction route being sought by rival billionaire Mukesh Ambani as "unprecedented" according to a detailed report by Reuters. <o:p></o:p>

The report further elaborated that, in what is seen as a battle between billionaires, the methodology of awarding spectrum for satellite services in India, a market set to grow 36 per cent&nbsp;a year to reach $1.9 billion by 2030, has been a contentious issue since last year.<o:p></o:p>

Musk's Starlink argues administrative allotment of licences is in line with a global trend, while India's Reliance, led by billionaire Mukesh Ambani, says an auction is needed to ensure a level playing field and as there are no provisions in Indian law on how individuals can be provided satellite broadband services Telecoms Minister Jyotiraditya Scindia said during a New Delhi event that the spectrum will be allocated administratively in line with Indian laws, and its pricing worked out by the telecom watchdog.<o:p></o:p>

"If you do decide to auction it, then you will be doing something which is different from the rest of the world," he said.<o:p></o:p>

Musk was appreciative of the government's decision, and said on social media platform X, "We will do our best to serve the people of India with Starlink".<o:p></o:p>

On Sunday, in another exclusive report Reuters stated that Reliance had challenged the Indian telecom regulator's consultation process that signals home satellite broadband spectrum should be allocated, not auctioned, calling for it to start again.<o:p></o:p>&nbsp;The minister's comment will come as a shot in the arm for Musk, who following the Reuters story, wrote on X late on Monday that any decision to auction "would be unprecedented".<o:p></o:p>

"This spectrum was long designated by the International Telecommunication Union (ITU) as shared spectrum for satellites," Musk said, referring to the International Telecommunication Union, a UN agency for digital technology.<o:p></o:p>

India is a member of the ITU and signatory to its treaty that regulates satellite spectrum and advocates that allocation must be done "rationally, efficiently and economically" as it is a "limited natural resource".<o:p></o:p>

Sunil Mittal, co-chair of global satellite group Eutelsat, which has partnered with India's telecom operator Bharti Airtel, voiced support for the auction route on Tuesday.<o:p></o:p>&nbsp;"Satellite companies who have ambitions to come into urban areas, serving elite retail customers, just need to take the telecom licenses like everybody else... they need to buy the spectrum as telecom companies buy," Mittal, who is also the chair of Airtel, said at the New Delhi event.<o:p></o:p>

Earlier in 2023, both Eutelsat unit OneWeb and Airtel had voiced concerns about auctioning the spectrum in their submissions to the Indian government.<o:p></o:p> Musk's Starlink and some global peers like Amazon's Project Kuiper back an administrative allocation, saying spectrum is a natural resource that should be shared by companies.<o:p></o:p>

<o:p>&nbsp;</o:p>

Indian government on October 15, said it will allot spectrum for satellite broadband administratively and not via auction, hours after Elon Musk criticized the auction route being sought by rival billionaire Mukesh Ambani as "unprecedented" according to a detailed report by Reuters.

Indian government on October 15, said it will allot spectrum for satellite broadband administratively and not via auction, hours after Elon Musk criticized the auction route being sought by rival billionaire Mukesh Ambani as "unprecedented" according to a detailed report by Reuters. The report further elaborated that, in what is seen as a battle between billionaires, the methodology of awarding spectrum for satellite services in India, a market set to grow 36 per cent a year to reach $1.9 billion by 2030, has been a contentious issue since last year. Musk's Starlink argues administrative allotment of licences is in line with a global trend, while India's Reliance, led by billionaire Mukesh Ambani, says an auction is needed to ensure a level playing field and as there are no provisions in Indian law on how individuals can be provided satellite broadband services Telecoms Minister Jyotiraditya Scindia said during a New Delhi event that the spectrum will be allocated administratively in line with Indian laws, and its pricing worked out by the telecom watchdog. "If you do decide to auction it, then you will be doing something which is different from the rest of the world," he said. Musk was appreciative of the government's decision, and said on social media platform X, "We will do our best to serve the people of India with Starlink". On Sunday, in another exclusive report Reuters stated that Reliance had challenged the Indian telecom regulator's consultation process that signals home satellite broadband spectrum should be allocated, not auctioned, calling for it to start again. The minister's comment will come as a shot in the arm for Musk, who following the Reuters story, wrote on X late on Monday that any decision to auction "would be unprecedented". "This spectrum was long designated by the International Telecommunication Union (ITU) as shared spectrum for satellites," Musk said, referring to the International Telecommunication Union, a UN agency for digital technology. India is a member of the ITU and signatory to its treaty that regulates satellite spectrum and advocates that allocation must be done "rationally, efficiently and economically" as it is a "limited natural resource". Sunil Mittal, co-chair of global satellite group Eutelsat, which has partnered with India's telecom operator Bharti Airtel, voiced support for the auction route on Tuesday. "Satellite companies who have ambitions to come into urban areas, serving elite retail customers, just need to take the telecom licenses like everybody else... they need to buy the spectrum as telecom companies buy," Mittal, who is also the chair of Airtel, said at the New Delhi event. Earlier in 2023, both Eutelsat unit OneWeb and Airtel had voiced concerns about auctioning the spectrum in their submissions to the Indian government. Musk's Starlink and some global peers like Amazon's Project Kuiper back an administrative allocation, saying spectrum is a natural resource that should be shared by companies.

India says no auction of satellite spectrum after Musk decries move

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

<a href="https://www.wionews.com/business-economy/mukesh-ambani-becomes-poorer-by-over-rs-41-700-crores-after-sensex-crash-285284">Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash</a>

Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit&nbsp;as crude oil prices crashed on Monday.&nbsp;Oil prices&nbsp;fell&nbsp;by 30 per cent, its lowest in years following a price war&nbsp;between the two largest oil producers - Saudi Arabia and Russia.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ambani-loses-56-bn-in-a-single-day-no-more-asias-richest-man-285491/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The price war comes as a double whammy for the global economy already suffering due to the coronavirus.

Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma.&nbsp;

The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth.

While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

<a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881">Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores.&nbsp;

Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others.

However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world.

Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years.

In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now.

With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit.

After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday. Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit as crude oil prices crashed on Monday. Oil prices fell by 30 per cent, its lowest in years following a price war between the two largest oil producers - Saudi Arabia and Russia. Watch Video: The price war comes as a double whammy for the global economy already suffering due to the coronavirus. Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma. The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth. While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores. Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others. However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world. Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years. In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now. With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit. After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Mukesh Ambani loses crown of richest Asian to Alibaba founder Jack Ma

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India says no auction of satellite spectrum after Musk decries move

Mukesh Ambani loses crown of richest Asian to Alibaba founder Jack Ma