HFCL Wins Rs 623 Crore 5G Contract from Indian Telco
By Rediff Money Desk, NEWDELHI Jan 19, 2024 18:58
HFCL has secured a Rs 623 crore contract for the supply of 5G networking equipment from a domestic telecom service provider. This is the first such large order for 5G networking equipment placed on an Indian company.
![HFCL Wins Rs 623 Crore 5G Contract from Indian Telco](https://im.rediff.com/money/2020/dec/16telecom.jpg)
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.
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.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...