Reliance Jio, a leading operator in the Indian telecommunications sector, recently secured a nearly $2 billion loan arranged by HSBC. The loan will enable the ambitious company to proceed with its plans to acquire 5G equipment from Nokia, one of the largest deals of its kind for the 2024 financial year. Finalized towards the end of last year, the arrangement is the result of detailed discussions over several months and the loan is expected to bear an implied interest rate over its term, as reported by the Economic Times.

Reliance Jio is displaying unabashed ambition for its 5G initiatives. In an Annual General Meeting held in August, Chairman Mukesh Ambani declared the company’s aspiration to cover the nation with standalone 5G services by year’s end. If actualized, this could stand as one of the swiftest 5G rollouts globally. Ambani expressed his commitment to provide 5G for diverse consumers, including households, small and medium businesses, factories, educational centers and hospitals across India.

The acquisition of Nokia’s 5G equipment is just one facet of Jio’s ongoing efforts to achieve its objectives. They are partnering not just with Nokia but also with Samsung and Ericsson. Simultaneously, the company secured another $2 billion offshore loan for buying 5G equipment from Ericsson, arranged by BNP-Paribas.

Impressive milestones have already been achieved by Jio due to its considerable investments. The company now boasts over 50 million 5G subscribers and the operation of 85% of all 5G cell sites across India.

Nonetheless, their growth and success is not met without competition. Bharti Airtel, Jio’s primary competitor, also recently reported a 50 million subscriber base for its 5G service.