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Telecom major Reliance Jio has received a $2.2 billion fund support from the Swedish export credit agency to finance equipment for the 5G rollout, according to a report by PTI.
Reliance Industries’ annual report said the telco has largely procured gears from Swedish company Ericsson and Finnish company Nokia to deploy its 5G network, said the report.
“RJIL tied up its first-ever Swedish Export Credit Agency (EKN) supported facilities of USD 2.2 billion equivalent making it the largest cover ever provided by EKN for a deal to a private corporate globally. The proceeds of the facilities shall be utilised to finance the equipment and services in relation to RJIL’s pan-India 5G roll out,” RIL said in its annual report.
Jio is now providing wireless broadband services in about 6.2 lakh rural villages and 5G coverage to over 2,300 cities and towns, said the company.
According to the PTI report, while there has been a decline in telecom gear shipment across major geographies, 5G rollout in India led by Reliance Jio has been able to offset the dip in business of Ericsson and Nokia.
Ericsson’s net sales jumped 74% in the June quarter of 2023 in “South East Asia, Oceania and India” to around ₹10,700 crore of which around 90% of its business came from India.
Nokia reported 333% growth in India sales at about ₹9,500 crore in the June quarter.
Jio has around 80% share in total 5G base station rolled out across the country and providing 5G service with an average download speed of 300 megabit per second, RIL said in the report.
The company has also developed its own indigenous technology for 5G networks.
“In the Digital Services business too, Reliance continued to file multiple patents. Total count of patent applications filed worldwide is 1,120. Among the key areas covered by these patents are 5G and 6G technologies, and Distributed Ledger Technology,” the Reliance report said.
(With inputs from PTI)
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