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The Economic Times reported on Thursday that India's Reliance Jio Infocomm is expected to ink a contract for $1.7 billion (approximately Rs. 14,016 crore) with Nokia this week to acquire 5G network equipment.
According to the source, the deal might be inked as early as Thursday in Helsinki, Finland, where Nokia is based. Jio and Nokia did not react quickly to Reuters' inquiries for comment.
Last August, Reliance Industries' telecom unit purchased airwaves worth $11 billion (approximately Rs. 90,600 crore) in a 5G spectrum auction and debuted 5G services in many locations. It is also collaborating with Alphabet's Google to develop a low-cost 5G smartphone.
According to the Economic Times, HSBC, JP Morgan, and Citigroup are among those supporting Jio's 5G-related acquisitions, while European export credit agency Finnvera will issue guarantees to lenders extending offshore loans to Jio.
Ericsson, a Swedish telecommunications corporation, established a cooperation with Jio in October last year to construct a 5G standalone network in India.
Jio announced the introduction of a 4G-feature phone earlier this week in a bid to target individuals who have not yet switched to smartphones, but analysts warned the move was unlikely to destabilise the Indian telecom sector. Back in August of last year, Jio emerged as the largest spender in India's $19 billion (about Rs. 1.5 lakh crore) 5G spectrum auction, with the top telecom provider securing airwaves worth $11 billion (approximately Rs. 87,000 crore).
Counterpoint Research predicted in December 2022 that India's 5G smartphone shipments will surpass 4G shipments by the end of 2023, owing to widespread adoption of the high-speed network and increased sales of lower-priced devices.
5G data speeds in India are predicted to be around ten times faster than 4G, with the network being critical for developing technologies such as self-driving cars and artificial intelligence.
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