The LTE is usually known as the fourth generation or 4G to the subscribers.
Bangladesh Telecommunications Regulatory Commission Chairman Sunil Kanti Bose told bdnews24.com they had decided to award LTE licence to facilitate speedy internet access.
The five companies --- Banglalion, Qubee, Bangladesh Internet Exchange Limited (BIEL), Mango and state-owned Bangladesh Telecommunications Company Limited --- will have to pay Tk 2.46 billion for the licence.
BIEL, owned by Russian company Multinet has been already awarded the license and allotted 2,600 frequency bands after the company had paid the Tk 2.46 billion licence fee, said a senior BTRC official requesting anonymity.
The BTRC chief said the operators would only be able to provide data service, but not voice service as per regulations.
Telecommunications Secretary Abu Bakar Siddique said they had decided to upgrade the companies with new technology since WiMAX technology has become outdated.
BTCL will provide internet by using LTE technology through a foreign (South Korean) project.
The secretary said the funding for frequency or licence will come from the foreign project.
Mobile phone operators had been opposing award of LTE licence and frequency to the broadband internet service providers (ISPs).