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In the present scenario where there is stiff competition and any higher base price is fixed under this situation it is very risky for the participant to recover the base price. Due to higher interest rate the cost of fund also high and the operational cost will also be high.
To my mind the regulatory issues are bothering the telecom companies more than anything else.
This failure also smacks of cartelization by the major companies because the Govt has already cut the base price substantially since the November auction failed.