The state-run Export-Import Bank of Korea (Eximbank) announced on Oct. 10 that it will extend US$750 million (896.60 billion won) to Reliance Jio Infocomm Ltd., the largest mobile carrier in India, in the form of a loan and credit guarantees. Samsung Electronics Co. has won the 4G project from the Indian firm.
Reliance Jio Infocomm is a telecom subsidiary of Reliance, India’s largest private enterprise which runs petroleum, gas, oil refining and petrochemical businesses. It is currently expanding its Fourth Generation Long Term Evolution (4G LTE) network in India in a partnership with Samsung Electronics. The Korean partner will supply base stations, system management equipment and wireless access networks to the Indian firm.
Samsung Electronics has ranked first in terms of cellphone market share in India for six years since 2011. The company set up one of the world's largest smartphone manufacturing facilities in Noida, India, last year, targeting the Indian market with a population of 1.3 billion.
The Eximbank expects that the financial support will help the South Korean firm hold its place as the world’s best global network equipment manufacturer and 11 small and medium-sized component partners at home and abroad push into the new market together.