Jio ties up $2.2 bln funding from Swedish Export Credit Agency (EKN) for 5G gear buy

economictimes.indiatimes.com:

Reliance Jio Infocomm, the telecom unit of Reliance Industries (RIL), has tied up $2.2 billion financing through the Swedish Export Credit Agency (EKN) in the last fiscal through March to buy equipment and services from Ericsson for the telco's pan-India 5G rollout. “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,” the Mukesh Ambani-owned conglomerate said in its annual report for FY23.

ET had reported on July 7 that the telco was in talks with foreign banks to raise funds to invest in its 5G rollout – mainly acquiring equipment from Finland’s Nokia ($1.7 billion contract), and Sweden’s Ericsson ($2.1 billion contract). “During FY 2022-23, the Company (RIL) and its subsidiary Reliance Jio Infocomm Limited (RJIL) tied up $3 billion equivalent through syndicated term loan facilities,” the annual report added.

As on March 31, 2023, Jio’s 5G services under Jio True 5G were available in 2300 cities and towns. According to the telco’s website, its 5G services are available in 6,258 neighbourhoods currently.

“To fulfil its ambitious pan-India 5G rollout plan, Jio has committed to an investment of Rs 2 lakh crore,” RIL said. Jio’s parent added that the telco is on track to complete 5G rollout by December 2023 using the indigenously developed 5G stack, which it also aims to export to other countries in the coming months.

Additionally, the company’s digital services business, which includes Jio Platforms and the telecom unit, has filed a total of 1120 patent applications worldwide pertaining to digital services, it said. “Total count of patent applications filed worldwide is