Reliance Jio Infocomm, the telecom powerhouse led by India’s Reliance Industries, has plans to amass around $2 billion in offshore loans, as per a recent report stemming from the Economic Times. The garnered funds are to be directed towards the acquisition of 5G network gear, specifically from Ericsson.

Reportedly, BNP Paribas, a banking giant, is slated to furnish $1.9–2 billion within a nine-month window while Jio settles outstanding amounts with Ericsson, BNP, and other banks involved. An anonymous insider was quoted shedding light on the matter.

Integral to this deal, EKN, a credit agency hailing from Sweden, has provided Jio with a security net of $2.2 billion. This measure safeguards the stakeholders Immersed in the deal, shielding them from adverse risks.

Highlights from the report did not delve into specifics pertaining to the monetary amounts to be settled by Jio to Ericsson, BNP, and other parties involved in the venture.

Last year, Jio publicly announced a key partnership with Ericsson concerning the supply of 5G RAN equipment. Delighting in this collaboration, Akash Ambani, Jio’s Chairman mentioned in a press release, “Jio transformed the digital landscape in India with the launch of LTE services in 2016. We are delighted to partner with Ericsson for Jio’s 5G SA rollout. We are confident that Jio’s 5G network will accelerate India’s digitalization and will serve as the foundation for achieving our nation’s ‘Digital India’ vision.”

Additionally, it’s worthwhile to note that Jio is also bridging alliances with two of Ericsson’s competitors, namely Nokia and Samsung, specifically with regards to 5G paraphernalia. Earlier this year, the corporation sealed a $1.5 billion 5G equipment accord with Nokia, a deal financially backed by notable banks such as HSBC, Citigroup, and JP Morgan, to name a few. In a fresh development, Reliance Industries has proffered a letter of assurance to Samsung India, valued around $932 million, in a bid to bolster Jio’s acquisition of 5G apparatus.

Jio’s overarching ambition of achieving nationwide standalone 5G coverage before 2023 ends is being fervently pursued. Ambani opines that this would mark the swiftest mass 5G rollout globally.

The company is already charting impressive progress on the 5G trajectory, having recently announced that it had secured over 50 million 5G subscribers. This came just nine months post the commercial unveiling of the service.