News: Jio to sign US$ 1.7B deal with Nokia for 5G network in India


Jio to sign US$ 1.7B deal with Nokia for 5G network in India

Reliance Jio and Nokia are reportedly signing a contract worth US$ 1.7 billion to expand 5G network services in India in the coming week.
Jio to sign US$ 1.7B deal with Nokia for 5G network in India

Jio Infocomm is expected to sign a deal with Nokia to purchase 5G network equipment, with a value of US $1.7 billion, as per media reports.

Although an official communication is pending from Reliance-Jio Infocomm and Nokia Corporation, the reports speculate signing of the deal will take place at Nokia Head Quarters in Finland on Thursday, July 14, 2023.

Recently, Jio Infocomm launched a 4G-powered mobile phone at a price of INR 999, for those who are yet to switch to smartphones. 

Last year, in August Reliance Jio grabbed a US$11 billion deal in a 5G spectrum auction and launched 5G services in 10 cities initially. Later, the JioTrue 5G services were extended to 226 cities. Additionally, the telecommunication service provider is also collaborating with Alphabet Inc’s Google to launch an affordable 5G smartphone.

Furthermore, Jio Infocomm is being supported by top finance service providers including HSBC, JP Morgan and Citigroup for its 5G-related investments. Whereas, Finnvera, a European export credit agency will further extend support for offshore loans, to increase lender’s interest and ensure cost-effective funding.

In October 2022, Reliance Jio and Ericsson, a Swedish telecommunication service provider announced their association with a deal worth US$ 2.1 billion as a step towards creating an independent 5G network in India.

With these acquisitions, Reliance Jio plans to invest a total of US $ 25 billion in 5G network services, of which US $11 billion has been invested in the 5G spectrum deal. The remaining US $ 14 billion will be directed towards purchasing equipment over the next four years. 

Jio True5G services have been extended in as many as 6,115 cities of 36 states and UTs, making it India’s largest 5G network.

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Topics: Technology, Funding & Investment, #HRTech, #HRCommunity

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