Reliance Jio to Sign .7 Billion Deal With Nokia for Purchase of 5G Network Equipment: Report

Reliance Jio to Sign $1.7 Billion Deal With Nokia for Purchase of 5G Network Equipment: Report


Products You May Like

India’s Reliance Jio Infocomm is likely to sign a contract worth $1.7 billion (roughly Rs. 14,016 crore) with Nokia this week to purchase 5G network equipment, the Economic Times reported on Thursday, citing people aware of the matter.

The contract could be signed as early as Thursday in Helsinki, Finland, where Nokia is headquartered, the report added. Jio and Nokia did not immediately respond to Reuters’ requests for a comment.

The telecom of arm of Reliance Industries snapped up airwaves worth $11 billion (roughly Rs. 90,600 crore) 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.

The Economic Times said that 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. Back in August last year, Jio emerged as the biggest spender in India’s $19 billion (roughly Rs. 1.5 lakh crore) 5G spectrum auction, with the top telco player winning airwaves worth $11 billion (roughly Rs. Rs. 87,000 crore).

In December 2022, Counterpoint Research said that India’s 5G smartphone shipments will exceed that of 4G shipments by the end of 2023, driven by the mass adoption of the high-speed network and the rise in the sale of handsets in the lower-price bands.

5G data speed in India is expected to be about 10 times faster than that of 4G, with the network seen as vital for emerging technologies like self-driving cars and artificial intelligence.

© Thomson Reuters 2023

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

View original source here.

Products You May Like

Articles You May Like

Electric Vehicle Batteries Surprising New Source of ‘Forever Chemical’ Pollution : ScienceAlert
Our 5 favorite mystery settings
GOG Release Brings Unchanged Original ‘Resident Evil’ Experience to Modern PCs [Review]
Courteeners announce seventh album ‘Pink Cactus Café’ with “feel good” new single ‘Solitude Of The Night Bus’
Intel Arrow Lake Desktop CPUs to Feature Built-in NPU With 13 TOPS