Reliance Jio gains $2.2 billion funding for 5G rollout

• Reliance Jio obtains $2.2 billion in funding from the Swedish export credit agency.
• Funds to support equipment procurement for widespread 5G deployment.
• Partnerships with Ericsson and Nokia for network expansion.

Reliance Jio, a prominent player in the telecom industry, has secured a substantial $2.2 billion fund infusion from the Swedish export credit agency.

This financial support is intended to bolster its efforts to deploy 5G technology. The company has strategically partnered with Swedish firm Ericsson and Finnish giant Nokia to source the necessary equipment for its extensive network expansion.

According to Reliance Industries’ annual report, this collaboration with the Swedish Export Credit Agency (EKN) marks a significant milestone, constituting the largest coverage ever extended by EKN for a private corporate venture on a global scale.

The funds obtained will be channeled toward financing the essential equipment and services associated with Jio’s ambitious nationwide 5G rollout.

Currently, Jio caters to wireless broadband needs across approximately 620,000 rural villages and offers 5G coverage in over 2,300 cities and towns.

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This leap into the 5G realm has not only revitalized Reliance Jio’s business but has also been instrumental in mitigating the business slowdown experienced by Ericsson and Nokia.

The impressive growth is evident as Ericsson’s net sales in “South East Asia, Oceania, and India” surged by 74% in the June quarter of 2023. Similarly, Nokia reported a remarkable 333% sales expansion in India during the same quarter.

Holding a substantial 80% share in India’s 5G base station rollout, Jio’s 5G services boast an average download speed of 300 megabits per second. Notably, the company has made strides in developing its proprietary indigenous technology for 5G networks.

Reliance’s commitment to innovation is further underscored by the filing of over 1,120 patent applications worldwide in the Digital Services sector.

These patents encompass pivotal domains like 5G and 6G technologies, along with Distributed Ledger Technology, as outlined in the company’s comprehensive report.