Jio Platforms, the digital arm of Reliance Industries Ltd, will buy communications equipment maker Mimosa Networks for USD 60 million as it looks to bolster its 5G telecom and broadband services.
Radisys Corporation, a subsidiary of Jio Platforms, signed a definitive agreement with US-based Airspan Networks Holdings for acquisition of Mimosa Networks for USD 60 million on a debt free, cash free basis, the companies said in a statement.
While Jio Platforms is the owner of India's biggest telecom firm, Reliance Jio Infocomm, Mimosa has a portfolio of point-to-multi-point products based on WiFi-5 and the newer WiFI 6E technologies as well as related accessories.
These solutions have use cases in the backhaul requirements for 5G and FTTX/ FWA rollouts, the statement said. Jio has been a major customer of Mimosa. The deal comes at a time when countries across the world are looking to move away from Chinese technology.
Mathew Oommen, President of Jio, said, Over the years, our collaboration with Airspan has resulted in groundbreaking architectures for high-speed connectivity for both the end user and for backhaul applications. Acquisition of Mimosa will further accelerate Jio's innovation and leadership in the production of telecom network products that deliver value to consumers and enterprises across the globe with cost-effective, rapidly deployable fixed and mobile broadband, he said.