A. Raja arranged the sale of the 2G spectrum licenses below their market value. Swan Telecom, a new company with few assets, bought a license for Indian Rupee 1,537 crore (US$341.21 million).Shortly thereafter, the board sold 45% of the company to Etisalat for Indian Rupee 4,200 crore (US$932.4 million). Similarly, a company formerly invested in real estate and not telecom, the Unitech Group, purchased a license for Indian Rupee 1,661 crore (US$368.74 million) and the company board soon after sold a 60% stake in their wireless division for Indian Rupee 6,200 crore (US$1.38 billion) to Telenor.The nature of the selling of the licenses was that licenses were to be sold at market value, and the fact that the licenses were quickly resold at a huge profit indicates that the selling agents issued the licenses below market value.
Nine companies purchased licenses and collectively they paid the Ministry of Communications and Information Technology's telecommunications division Indian Rupee ₹10,772 crore (US$2.39 billion).The amount of money expected for this licensing by the Comptroller and Auditor General of India was Indian Rupee 176,700 crore (US$39.23 billion).
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