According to the conglomerate’s annual report for FY 2022–23, which was published on Sunday, Reliance and its subsidiary Jio Infocomm Limited (JIL) secured $3 billion equivalent through syndicated term credit arrangements.

In the most recent fiscal year, Jio Infocomm, a division of Reliance, secured $2.2 billion in finance from the Swedish Export Credit Agency (EKN) to purchase 5G equipment, the firm announced on Sunday.

Reliance stated that the transaction was substantially oversubscribed in the primary syndication market by international lenders from different geographical areas, and that the loan proceeds were utilised to cover the capital expenditure needs of both companies.

“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,” Reliance Industries said. It also stated that the funds from the facilities would be used to pay for the equipment and services necessary for JIL’s pan-Indian 5G rollout.

According to the firm, Jio has pledged to invest Rs 2 lakh crore to carry out its ambitious pan-Indian 5G deployment plan. In October 2022, Jio began rolling out its 5G network. According to the annual report, “Jio has launched its True 5G services across 2,300+ cities/towns as of March 2023 and targets to achieve pan-India coverage by December 2023.”

Last month, sources reported that Nokia, a prestigious Finnish telecoms giant, and Jio were close to sealing a large contract worth approximately $1.7 billion (almost Rs 14,000 crore).

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