After obtaining financing, Mukesh Ambani's Rs 7.26 lakh crore company will enter into deals for Rs 13980 crore and Rs 17300 crore with businesses.

 

Mukesh Ambani's Rs 7.26 lakh crore firm to strike Rs 13980 crore, Rs 17300 crore deals with firms after securing loans

Nokia of Finland will execute a contract with Mukesh Ambani-led Reliance Jio Infocomm for 1.7 billion dollars (about Rs. 13980 crore). According to reports, the organization led by his son Akash Ambani is purchasing 5G network hardware from the big Finnish communications equipment manufacturer.

At Nokia's corporate headquarters near Helsinki, the contract is most likely to be signed tomorrow. The conference will include Nokia's top executives as well as senior corporate officials, banks funding the purchase, and other participants, according to ET.

Additionally, the Mukesh Ambani-led business is investing 2.1 billion dollars in Ericsson of Sweden for network equipment.

The business is preparing for the introduction of 5G across India.

Numerous international banks, including HSBC, JP Morgan, and Citigroup, are providing funding for the two transactions, which together are valued around $4 billion.

By the end of 2023, the Akash Ambani-led company hopes to have a nationwide presence. There are currently approximately 6000 towns and cities where it is present.

They have set aside $25 billion for the construction of 5G infrastructure. Already, they have spent $11 billion on 5G spectrum. Over the following four years, the remaining funds will be used to upgrade 5G assets.

Reliance's enterprise value was recently estimated by a US-based think group to be 88 billion dollars, or more than Rs 7.26 lakh crore. The corporation is 66.5 percent owned by Reliance.


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