The spectrum auction scheduled to start on March 1 may witness lower completion intensity among the telecom operators, said a report by Motilal Oswal Institutional Equities.
"The auction may see lower competitive intensity given the varied priorities of each player. VIL's weak liquidity position may keep its interest low," it said.
The report added that Bharti Airtel's sub-GHz spectrum interest may largely be limited to 900MHz, while RJio's renewal of 800MHz spectrum may not see much interest from rest of the players.
It noted that the 1,800MHz and 2,300MHz spectrum may be of high interest to both Bharti and RJio, which may eye it for their 4G plans and for their 5G requirements going forward.
The report said that the Earnest Money Deposit (EMD) indicates that Bharti and RJio may be interested in spending 2-3x the renewal requirement in other bands and Vodafone Idea has limited options given its liquidity position.