Reliance Jio set to sign $1.7 bn deal with Nokia for 5G equipment: Report
Reliance Jio Infocomm could sign a contract worth $1.7 billion with Nokia this week to purchase 5G network equipment, according to news report by Economic Times. The contract could be signed as early as Thursday in Helsinki, Finland, where Nokia is headquartered, the report added.
The telecom arm of Reliance Industries had chosen Nokia as a major supplier in October last year as Jio geared up to expand wireless services in India. Jio has snapped up airwaves worth $11 billion in a 5G spectrum auction last August and had launched 5G services in several cities.
It is also working with Alphabet's Google to launch a budget 5G smartphone. According to the report, HSBC, JP Morgan and Citigroup are among those backing Jio's 5G-related purchases, while European export credit agency Finnvera will be issuing guarantees to the lenders to extend offshore loans to Jio.
Swedish telecommunication company Ericsson had in October last year, announced a partnership with Jio to build a 5G standalone network in India. Earlier this week, Jio announced the launch of a 4G-feature phone in an attempt to reach those who have not yet migrated to smartphones, although analysts said the move was unlikely to disrupt the Indian telecom market.
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