Reliance Jio bought airwaves worth $11 billion (Rs 11 billion) in the 5G spectrum auction in August last year and has already launched 5G services in several cities using that.
Today, the Economic Times again claimed that Reliance Jio Infocomm could sign a $1.7 billion (170 crore) deal with Nokia this week to buy 5G network equipment. The report also said that the deal could be signed by Thursday at Nokia’s headquarters in Helsinki, Finland.
The telecom company could buy more 5G-equipment from HSBC, JP Morgan and Citigroup if European export credit agency Finvera approves an offshore loan to Jio, the Economic Times reported.
Notably, Swedish telecommunications company Ericsson had announced a partnership with Jio to build a standalone 5G network in India in October last year.
Incidentally, earlier this week, Jio launched the Jio Bharat Phone 4G in an effort to reach out to users who are yet to start using smartphones. They are also working with Alphabet’s Google to launch a new budget 5G smartphone. According to experts, these moves by the telco could bring about massive changes in the Indian telecom market.