MUMBAI: The Arun Jaitley headed I&B Ministry has approved polices of Phase III auctions for private FM. Now, the formal note has been given to the cabinet for final approval.

After the inter-ministerial approved the policies a week ago, it was given to I&B Ministry. It is estimated that by next week the Cabinet will approve of it and the partial auctions will take place by March. In the first slot of auctions, it will mostly be the 68 leftover frequencies of Phase II.

Commenting on the development, Association of Radio Operators for India (AROI) secretary general Uday Chawla said, "The need to get it done at the earliest. It is essential for the survival of the industry."

After the Phase III auctions are set in motion, the existing radio operators will complete their migration process by 31 March 2015. The license of existing players will end on 31 March 2015. According to the Telecom Regulatory Authority of India (TRAI), the players will hold the license for 15 years, unlike Phase II where they were only given a duration of 10 years. The partial Phase III was in a way to allow migration to take place.