HFCL Secures Rs 623 cr Contract From Telco To Supply 5G Networking Gear By CIOTechOutlook Team

HFCL Secures Rs 623 cr Contract From Telco To Supply 5G Networking Gear

CIOTechOutlook Team | Saturday, 20 January 2024, 01:52 IST

HFCL Limited said that it has received a Rs 623 crore deal to supply indigenously made 5G networking gear. HFCL said in a release that the contract came from a domestic telecom service provider.

HFCL stated that the order must be implemented 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, as per economic times.

"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.

According to industry estimations, the worldwide 5G last-mile equipment market is expected to reach USD 68 billion by 2030. According to a new analysis from Future Market Insights, this shift will play a big role in the global spike in 5G technology demand, which is expected to expand by 48.3 percent.

HFCL manufactures optical fibre and optical fibre cables, as well as telecom devices such as 5G Radio Access Network (RAN), 5G Transport, WiFi Systems, Switches, Routers, and defense electronics.