Reliance Industries Limited’s telecom business, Reliance Jio, reported a USD 2.2 billion fund support from a Swedish Export Credit Agency for the 5G network rollout in India. Jio has largely procured gears from Sweden’s Ericsson and Finland’s Nokia to deploy its 5G network.

Aug 6, 2023

Reliance Industries Limited’s (RIL) annual report revealed that its telecom business, Reliance Jio, has received USD 2.2 billion of fund support for 5G rollout equipment from a Swedish export credit agency.

RIL’s annual report stated, “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 utilized to finance the equipment and services in relation to RJIL’s pan-India 5G rollout.”

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Under the 5G network rollout, Reliance Jio provides wireless broadband services in about 6.2 lakh rural villages and 5G coverage to over 2,300 cities and towns in India. The business has nearly 80 percent share in total 5G base stations rolled out across the country and is providing 5G service with an average download speed of 300 megabits per second. The company has also developed its own indigenous technology for 5G networks.

According to the PTI report, while there has been a decline in telecom gear shipment across major geographies, Jio’s 5G rollout in India has been able to offset the dip in the business of Ericsson and Nokia. In the June quarter of 2023, Ericsson’s net sales jumped 74 percent in “South East Asia, Oceania, and India” to around INR 10,700 (around 90 percent business from India), and Nokia’s Indian sales recorded a 333 percent growth at about INR 9,500 crore.

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The annual report further stated, “In the Digital Services business too, Reliance continued to file multiple patents. The 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.”