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Reliance Jio Infocomm, the telecom arm of India’s Reliance Industries, is expected to sign a $1.7 billion contract with Nokia to acquire 5G network equipment.
According to Economic Times, the deal could be finalized this week in Helsinki, Finland, where Nokia is headquartered.
Both Jio and Nokia have not yet responded to requests for comment.
Last year, Jio selected Nokia as a key supplier as it prepared to expand its wireless services across India.
In August, Jio secured $11 billion worth of airwaves in a 5G spectrum auction and subsequently launched 5G services in several cities. The company is also collaborating with Google to introduce an affordable 5G smartphone, Reuters reported.
According to the report, financial institutions such as HSBC, JP Morgan, and Citigroup are supporting Jio’s 5G-related purchases.
Additionally, European export credit agency Finnvera will issue guarantees to lenders to extend offshore loans to Jio.
In October of last year, Jio partnered with Swedish telecommunications company Ericsson to develop a standalone 5G network in India.
