A big news related to Reliance is coming out. Reliance Jio Infocomm may sign a $1.7 billion contract with Nokia this week to buy 5G network equipment. It is going so far that the deal can be signed soon in Finland. Nokia has its headquarters in Helsinki, Finland. After this deal, it is expected that many people are expected to get employment in the telecom sector in India.
Nokia was selected last year
Actually Reliance wants to expand wireless services in the country. For this, the company had selected Nokia after talking to several companies in October last year. Reliance Infocomm had chosen Nokia as a major supplier. Because Jio had to rapidly expand wireless services in the country. The company was selected at that time but the deal was not signed. Now the same signature is going to happen between both the companies. Which is going to happen in Finland.
Reliance is getting help from which bank?
According to media reports, many banks are supporting Reliance for this deal worth $1.7 billion. HSBC, JP Morgan and Citigroup are among the banks supporting Jio’s 5G-related purchases. While the European Export Credit Agency is providing bank guarantee to Finvera Jio for giving loan in this matter. Jio has bought airwaves worth $11 billion in the 5G spectrum auction last August and has launched 5G services in several cities. Reliance is also working with Alphabet’s Google to launch a budget 5G smartphone.
There was also an agreement between Jio and Ericsson
According to media reports, Swedish telecom company Ericsson had announced a partnership with Jio in October last year to build a 5G standalone network in India. Earlier this week, Jio announced the launch of a 4G-feature phone in an effort to reach those who have not yet switched to smartphones, though experts say the move will create a ruckus in the Indian telecom market. The crisis does not seem to be coming. The effect of this news has also been seen on the stock market. Shares of Reliance, which is the top gainer in the blue-chip Nifty 50, climbed up to 2.3% after the report among the top gainers of the index.
