To fund the rollout of 5G, RJio receives $2.2 billion from a Swedish export credit agency

 To fund the rollout of 5G, RJio receives $2.2 billion from a Swedish export credit agency

The largest telecom company in the nation, Reliance Jio, has obtained a USD 2.2 billion fund backing from a Swedish export credit agency to pay for 5G rollout equipment.

According to Reliance Industries' annual report, the largest telecom provider in the nation, Reliance Jio, has obtained a USD 2.2 billion cash backing from a Swedish export credit agency to finance 5G rollout equipment.

To build its 5G network, the corporation primarily purchased telecom equipment from the Swedish and Finnish companies Nokia and Ericsson.

RJIL secured the greatest cover ever offered by the Swedish Export Credit Agency (EKN) for a contract to a private business internationally, amounting to facilities covered by USD 2.2 billion equivalent. The funds raised from the facility would be used to pay for the services and equipment required for RJIL's pan-Indian 5G rollout, according to Reliance Industries Ltd.'s annual report.

While the shipping of telecom equipment has decreased in most major geographical areas, Reliance Jio's 5G deployment in India has been able to make up for the fall in revenue for Ericsson and Nokia.

In the June 2023 quarter, Ericsson announced net sales increase of 74% in "South East Asia, Oceania and India" to over Rs 10,700 crore, with almost 90% of its revenue coming from India.

In the June 2023 quarter, Nokia's India revenues increased by 333% to roughly Rs 9,500 crore.

According to Jio, it currently offers wireless broadband services to over 2,300 cities and towns and 6.2 lakh rural villages.

According to the survey, Jio has an approximate 80% market share of the nation's entire 5G base stations and offers 5G service with an average download speed of 300 megabits per second.

The business also created its own homegrown 5G network technologies.

"Reliance proceeded to file several patent applications in the Digital Services industry as well. 1,120 patent applications have been submitted in total around the globe. The paper noted that Distributed Ledger Technology and 5G and 6G technologies are among the important topics covered by these patents.

The number of patents given to Jio's technological experts increased to 177 by March 31, 2023, after they submitted 123 patent applications and received 41 patent grants, the paper said.

The paper stated that "these span across network, consumer, and enterprise technology." According to the study, the company that provides digital services hired approximately 70,000 new people over the fiscal years 2022–2023.