Jio-Nokia Deal: $ 1.7 billion deal between Jio and Nokia can be signed in Finland.
Reliance Jio Infocomm is all set to sign a new deal with Finnish company Nokia. Nokia and Reliance Jio Infocomm may sign a $1.7 billion contract this week for the purchase of 5G network equipment. On Thursday (July 6, 2023), Economic Times released a report quoting people associated with the matter.
It has been told in the report that this contract can be signed on Thursday (6 July 2023) in Helsinki, Finland. Please tell that the headquarters of Nokia is in Helsinki itself. However, there is no response from Jio and Nokia in this regard yet.
The telecom wing of Reliance Industries had selected Nokia as a major supplier in October last year (2022). Jio was preparing to expand wireless service in the country at that time.
Explain that in August 2022, Jio bought airwaves worth $ 11 billion in the 5G spectrum auction. Jio has launched 5G service in many cities across the country. In addition, Jio Alphabet Inc. Ltd. is also working on making a budget 5G smartphone with Google.
Economic Times has said that HSBC, JP Morgan and Citigroup are among the companies that are supporting Jio to make purchases related to 5G. While European Export Credit Agency Finnvera will issue guarantees to lenders for extending offshore loans to Jio.
Sweden’s telecommunication company Ericsson told in October 2022 that the company is partnering with Jio to set up a 5G standalone network in India.
Before this, Jio has recently started ‘2G Mukt Bharat’ campaign in the country. Under the Jio Bharat platform, Jio has launched a new 4G feature phone priced at Rs 999. Jio’s intention is to bring all those 2G and 3G users on 4G network who are not currently using smartphones. However, market analysts believe that this move of Jio can create a stir in the Indian telecom market.