HFCL Wins Rs 623 Crore 5G Contract from Indian Telco

New Delhi, Jan 19 (PTI) HFCL Limited on Friday said it has bagged a Rs 623 crore order for the supply of indigenously manufactured 5G networking equipment.

The contract is from a domestic telecom service provider, HFCL said in a release but did not name the company.

HFCL said the order is required to be executed by December 2024.

"HFCL Limited...has secured a purchase order of Rs 623 crore for the supply of indigenously manufactured 5G networking equipment," it said.

This is the first such large order for 5G networking equipment placed on any Indian company by any telecom service provider, it added.

"Our recent order wins are clearly a testament that our strategy of moving from projects to margin accretive products, launching new products, reaching out to new customers and new geographies is paying off well and will bolster our position even further in 2024," HFCL Managing Director Mahendra Nahata said.

As per industry estimates, the global 5G last-mile equipment market is projected to reach USD 68 billion by 2030. This transformation is set to play a significant role in the global surge in 5G technology demand, projected to witness a growth of 48.3 per cent, as per a recent report from Future Market Insights.

HFCL manufactures optical fibre and optical fibre cables, telecom products, including 5G Radio Access Network (RAN) products, 5G Transport Products, WiFi Systems, Switches, Routers and defence electronics products.