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Reliance Industries Ltd (RIL) has issued a letter of guarantee worth Rs 7,706 crore to Samsung India to support credit extension for its subsidiary, Reliance Jio Infocomm Ltd (RJIL). This funding arrangement will be used for the procurement of telecommunications equipment necessary for Jio’s nationwide deployment of 5G services. The announcement was made by RIL in its annual report last week.

Jio has recently raised .2 billion through a fundraising endeavor with the Swedish export credit agency EKN. This capital will be utilized to finance the acquisition of required equipment and services for the deployment of 5G services.

RIL has clarified that this guarantee will not have any adverse impact on the company, as Jio is in compliance with its obligations towards Samsung India.

Jio has shown a strong commitment to investing in the establishment of comprehensive 5G services across the country. The rollout of the 5G network began in October 2022 and by March 31, 2023, Jio had already introduced 5G services in more than 2,300 cities and towns. The company’s goal is to achieve nationwide coverage by December.

In addition to the guarantee to Samsung India, RIL informed in its annual report that it had secured a combined total of billion through syndicated term loan facilities with its subsidiary, Jio Infocomm.

Jio has previously signed agreements with renowned global network equipment suppliers such as Ericsson, Nokia, Samsung, and Cisco for the implementation of their pan-India 5G network. The company has been actively pursuing collaborations to ensure the successful deployment of 5G services.

Google has also appealed to the Supreme Court to quash antitrust directives on Android in India, as mentioned in previous reports.

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