Homegrown telecom gear maker to execute purchase order from domestic telecom service provider by December 2024.
Jan 22, 2024
Leading communications product and solutions provider, HFCL Limited, has secured a purchase order worth Rs 623 crore from an Indian telecom service provider to supply indigenous 5G networking equipment.
The domestic telecom gear maker has become the first Indian company to bag such a large order for 5G networking equipment given by any telecom service provider, the company said in a filing recently. It added that the order needs to be executed by December 2024.
As per the filing, this showed HFCL’s vision to design and manufacture high technology telecom equipment in India.
Mahendra Nahata, Managing Director of HFCL Ltd, said the recent order wins were clearly a testament that the company’s strategy of moving from projects to margin-accretive products, launching new products, reaching out to new customers and new geographies was paying off well and was expected to bolster HFCL’s position even further in 2024.
As per the filing, the company creates digital networks for telecom companies, enterprises and governments. It has become a trusted partner to offer sustainable high-tech solutions, along with providing the latest technology products to customers.
Going by the industry estimates, the global 5G last-mile equipment market is projected to reach USD 68 billion by 2030. As per a recent report by Future Market Insights, this transformation is set to play a significant role in the global surge in 5G technology demand, projected to witness a remarkable CAGR of 48.3 percent.