Mukesh Ambani leads India's most valuable company, Reliance Industries, which has a market cap of more than Rs 17 trillion. Reliance Industries has several subsidiaries and a few of them are managed by his children. One of the subsidiaries, Reliance Jio, is led by Mukesh Ambani’s older son Akash Ambani who recently announced the fastest 5G rollout in the world. Backing the 5G plans, Mukesh Ambani led Reliance Industries has issued a Rs 7,706 crore guarantee to Samsung India Electronics Pvt. Ltd to back credit extension to its subsidiary Reliance Jio for the supply of 5G equipment.

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In an exchange filing, Reliance Industries said, “Guarantee issued for Reliance Jio Infocomm Limited (RJIL), a subsidiary of the company – Letter of Guarantee executed by the company in favour of Samsung India Electronics Private Limited (SIEPL) in consideration of SIEPL extending credit for supply of LTE equipment or part thereof to RJIL.”

“RJIL is in compliance with its obligations toward Samsung India and, accordingly, the guarantee does not have any adverse impact on RIL," the company further added.

Akash Ambani led Reliance Jio has an aim to invest Rs 2 trillion for the availability of 5G network across the country. For procurement of 5G equipment for the quick expansion in the country, Reliance Jio signed agreements with global network equipment providers Nokia, Ericsson, Samsung and Cisco.

Reliance Jio was also supposed to pay Rs 7864 crore to DoT as the second installment for the 5G spectrum. For those who are unaware, last year Jio acquired 5G spectrum in the 700MHz, 800MHz, 1800MHz, 3300MHz and 26GHz bands for Rs 88,078.