Indian telecom major Reliance Jio is reportedly close to signing a $1.7 billion contract with Nokia for sourcing gears for its 5G rollout.
The agreement is expected to be signed later this week at Nokia’s headquarters near Helsinki, the Economic Times (ET) reported.
The proposed deal with Nokia comes in addition to Reliance Jio’s previous announcement of a $2.1 billion equipment purchase from Ericsson.
The equipment deals come amid hurried preparations by Jio to launch 5G mobile broadband services across India by the end of this year.
The Reliance telecom major has also reportedly secured offshore loans to the tune of $4 billion from a clutch of global banks such as HSBC, JP Morgan, and Citigroup to finance the 5G equipment deals.
Reliance Jio holds exclusive 5G airwaves in the highly efficient 700 MHz band, and as a result, the company has opted for a standalone mode for its nationwide 5G rollout.
This means its network will not depend on the existing 4G infrastructure, and it will be implemented independently.
Reliance Jio’s nationwide 5G rollout
Since last October, Jio has been rapidly expanding its 5G coverage and aims to achieve a nationwide rollout by the end of 2023.
The company has already introduced 5G services in over 6,000 cities and towns across India.
Jio is estimated to invest $25 billion for its 5G rollout plans, with $11 billion already spent on acquiring 5G spectrum last year.
The remaining $14 billion is to be allocated over the next four years for network assets and customer premise equipment.
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