Reliance industries owned Reliance Jio Infocomm could be signing a contract with Nokia worth $1.7 billion this week in order to execute purchase of 5G network equipments as reported by Economic Times.
The contract could be signed in Nokia’s headquarters in Helsinki, Finland.
Reliance Jio Infocomm selected Nokia as major supplier of equipments to expand wireless services in India. Jio grabbed airway spectrum worth $11 billion in October last year. The company is also in collaboration with Alphabet Inc owned Google to bring budget 5G smartphones in the country.
According to varied reports HSBC, JP Morgan and CitiGroup are among those backing the 5G related purchases of Jio.
Swidish telecommunications firm Ericsson in October last year announced their partnership with Jio to build 5G standalone network in India.
After the announcement of 4G budget smartphone range this week, shares of Reliance Industries climbed as much as 2.3% in Nifty50 and became Among the top gainers.
