Nokia Bolsters Position in India's 5G Market through Multi-Billion Dollar Deal with Reliance Jio

India's Reliance Jio Infocomm looks to ink a contract worth $1.7 billion with Nokia Corp NOK this week to purchase 5G network equipment.

They could finalize a deal by Thursday in Helsinki, Finland, Nokia's headquarter, Reuters cites the Economic Times.

Reliance Industries' telecom arm chose Nokia as a significant supplier in October 2023 as Jio geared up to expand wireless services in India.

HSBC Holdings, Plc HSBC, JP Morgan Chase & Co JPM, and Citigroup, Inc C are among the backers of Jio's 5G-related purchases. European export credit agency Finnvera will issue guarantees to the lenders to extend offshore loans to Jio.

Last October, Swedish telecommunication company Ericsson ERIC 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. Last week, Nokia inked a new patent cross-license deal with Apple Inc AAPL.

Nokia expects to recognize the revenue related to this new patent license agreement starting in January 2024. 

Price Action: NOK shares traded lower by 0.48% at $4.16 premarket on the last check Thursday.

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