Reliance Jio to sign a $1.7 billion deal with Nokia for 5G installment: Report

Advertisement

India’s leading telecom company Reliance Jio is going to sign a deal with Nokia, a Finland-based telecommunications firm later this week, the Economic Times reported on Thursday. This deal is going to open the gates for 5G in India and the deal is worth $1.7 billion (Rs 14,000 crore).

The agreement will be signed in Helsinki, where Nokia’s headquarters are situated and the Reliance’s senior officials from the telecom sector as well as the bank’s representative will also be present there for financing the purchase.

The deal with Nokia comes after Reliance Jio’s prior announcement regarding a $2.1 billion equipment purchase from Ericsson, a multinational networking and telecommunications company based in Sweden. This latest deal comes as part of the mission by the Reliance Jio company to introduce 5G mobile phone services in India by the end of the year.

Advertisement

The 5G network by Reliance Jio will be implemented independently and will not depend upon the 4G infrastructure, as the company has sole 5G airwaves in the phenomenally effective 700 MHz band.

For Reliance Jio’s nationwide 5G rollout they have been speedingly quitting the network and aim to provide its reach all across the country by the end of 2023. The company has introduced a 5G network in over 6,000 cities and towns so far.

Jio is planning to invest $25 billion in the 5G rollout scheme in India. It has already spent $11 billion on obtaining 5G spectrum last year. The remaining $14 billion will be utilized in the coming four years for network assessment and other primary development.