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“It appears Adani has bought 26GHz spectrum in 20 circles (except in Delhi and Kolkata), and its total spectrum purchase could be 3350MHz for Rs 900 crore. Our estimate is provisional as data does not reflect the entire purchase by Adani. We believe, it should have purchased 200 MHz spectrum in all circles except Gujarat, where it would have bought 400MHz,” ICICI Securities noted.
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