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 HSBCJP 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.

Benzinga now provides actionable financial news and trading ideas for the Indian financial markets on in.benzinga.com.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsPenny StocksTechMediaBriefsEurasia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!