Ceragon (a leading Microwave vendor) has seen sharp 270% growth in sales in India over the past 12M. Industry Insiders who spoke to us are of the opinion that Reliance Jio had placed an order of 20,000 microwave units to Ceragon at end-2013. Given RJio is easily the largest customer for Ceragon, we believe this is indicative of the intensity of rollout at RJio. Ceragon has mentioned the numbers in India have peaked and will come down, which suggests RJio's launch could be nearing.
Separately, Viom Tower company has confirmed that 4,500 sites of RJio are already up and running (and earning revenues), while the order book of another 2,500 should be delivered by the end of this month.
