Reliance Jio, a leading telecom company in India, was able to secure $2.2 billion in financing through EKN, a Swedish Export Credit Agency. The financing will help Jio in acquiring 5G equipment. The telco has an ambitious goal of covering India with 5G by the end of 2023. In its annual report, Jio said that it had already covered 2300+ cities/towns with 5G by the end of FY23. Currently, the telco has reached 6258 cities/towns with its 5G. Jio is majorly purchasing 5G equipment from Ericsson and Nokia.
In its annual report, Reliance Industries said, “RJIL tied up its first ever Swedish Export Credit Agency (EKN) supported facilities of $2.2 billion equivalent making it the largest cover ever provided by EKN for a deal to a private corporate globally.
Read More - Reliance Jio Added Wireless Customers in all Circles Except One in May 2023
RIL (Reliance Industries Limited) said that Jio has committed to an investment of Rs 2 lakh crore to fulfil the ambitious pan-India 5G rollout. Jio is deploying 5G SA (standalone) and plans to create the world's largest 5G SA network. Moreover, RIL and Jio also tied up $3 billion in financing through syndicated loans in FY23.
Reliance Jio has become the number one wireline service provider in India in terms of market share. The telco launched JioFiber just a few years ago, and now it has the largest subscriber base in the country. The company continues to work on developing new tech applications and solutions, such as the 5G stack, which it soon plans to export to other developing nations.
Read More - Jio Added Most Wireline Subscribers in May 2023
Work is also happening in fields such as AI (artificial intelligence) and ML (machine learning), cloud and edge computing and more. Reliance Jio's mobile networks carry the largest data traffic in the country - 55%. But the company needs to focus on scaling its average revenue per user (ARPU) figure with the help of meaningful tariff hikes.
