Reliance Jio to sign deal with Nokia for purchase of 5G network equipment

India’s Reliance Jio Infocomm is likely to sign a contract worth $1.7 billion with Nokia this week to purchase 5G network equipment, the Economic Times reported on Thursday, citing people aware of the matter. Also Read: Samsung Galaxy M17 5G Sale Begins In India Today: Check The Price, Specifications, And More For This Budget Phone

The contract could be signed as early as Thursday in Helsinki, Finland, where Nokia is headquartered, the report added. Also Read: Samsung Galaxy M17 5G Launched In India With Exynos 1330 SoC, 50MP Camera: Price, Specs

Jio and Nokia did not immediately respond to Reuters’ requests for a comment. Also Read: IMC 2025: Reliance Jio Launches Safety-First JioBharat Phones, Introduces AI Classroom For Students

The telecom of arm of Reliance Industries snapped up airwaves worth $11 billion in a 5G spectrum auction last August and had launched 5G services in several cities. It is also working with Alphabet’s Google to launch a budget 5G smartphone.

The Economic Times said that HSBC, JP Morgan and Citigroup are among those backing Jio’s 5G-related purchases, while European export credit agency Finnvera will be issuing guarantees to the lenders to extend offshore loans to Jio.

Swedish telecommunication company Ericsson had in October last year, 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 in an attempt to reach those who have not yet migrated to smartphones, although analysts said the move was unlikely to disrupt the Indian telecom market.

— Reuters