Reliance Industries’ annual report reveals that Reliance Jio, the largest telecom player in the country, has secured a fund support of USD 2.2 billion from the Swedish export credit agency to finance equipment for the 5G rollout.
The company has predominantly sourced telecom gears from Ericsson, a Swedish firm, and Nokia, a Finnish company, for the deployment of its 5G network.
“RJIL has entered into a partnership with the Swedish Export Credit Agency (EKN), which has provided support facilities worth USD 2.2 billion, marking the largest cover ever provided by EKN to a private corporate globally. The proceeds from these facilities will be used to finance the equipment and services related to RJIL’s pan-India 5G rollout,” stated Reliance Industries Ltd in its annual report.
While there has been a decline in telecom gear shipments across major geographies, the 5G rollout in India led by Reliance Jio has managed to offset the decrease in business for Ericsson and Nokia.
Ericsson reported a 74% growth in net sales in the June 2023 quarter in “South East Asia, Oceania, and India,” with around Rs 10,700 crore coming from India, accounting for approximately 90% of its business.
Nokia witnessed a 333% growth in sales in India, amounting to about Rs 9,500 crore in the June quarter of 2023.
Jio stated that it currently provides wireless broadband services in approximately 6.2 lakh rural villages and 5G coverage to over 2,300 cities and towns.
In the report, Jio also highlighted its contribution to 5G infrastructure, claiming to have around 80% share in the total 5G base stations rolled out across the country, providing 5G services with an average download speed of 300 megabits per second.
The company has also developed its own indigenous technology for 5G networks.
“In the Digital Services business, Reliance continued to file multiple patents, with a total count of 1,120 patent applications filed worldwide. These patents cover various key areas, including 5G and 6G technologies, and Distributed Ledger Technology,” the report mentioned.
According to the report, Jio’s technology professionals have filed 123 patents and have been granted 41 patents, bringing the total count of granted patents to 177 as of March 31, 2023.
“These patents span across network, consumer, and enterprise technology,” the report added. The digital service provider firm also expanded its workforce, hiring over 70,000 employees during the financial year 2022-23.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
