In FM Phase-1 (year 2000), the highest bid in Goa was Rs 41.5 million. Under the policy then, this would have escalated – at 15% each year – to Rs. 146 million by the tenth year of operation. The bidder would have ended up paying Rs. 42.6 crores over 10 years, causing the major players to back off. This time, the only local company from Goa to bid for a license was Tarun Bharat Multigraphics, resulting in all of the winning players being based outside of Goa.