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Skip to main content Best News Website or Mobile Service WAN-IFRA Digital Media Awards Worldwide 2022 Best News Website or Mobile Service Digital Media Awards Worldwide 2022 * Sign In * Account * My Feed * Search Hamburger Menu Close * Top Stories * Singapore * Asia * World * Commentary * Sustainability * Business * Sport * COVID-19 * Latest News * Discover * CNA Insider * Watch * Live TV * News Reports * Documentaries & Shows * TV Schedule * Listen * CNA938 Live * Podcasts * Radio Schedule * Special Reports * Singapore Parliament * Mental Health * Interactives * Lifestyle * Entertainment * Women * Wellness * Living * Style & Beauty * Dining * Travel * Luxury * Experiences * Obsessions * People * Remarkable Living * CNA Eyewitness * Send us a news tip * Events & Partnerships * Branded Content * Business Blueprint * Health Matters * The Asian Traveller * Weather Edition: * Singapore * Asia Close Close * Top Stories * Singapore * Asia * World * Commentary * Sustainability * Business * Sport * COVID-19 * Latest News * Discover * CNA Insider * Watch * Live TV * News Reports * Documentaries & Shows * TV Schedule * Listen * CNA938 Live * Podcasts * Radio Schedule * Special Reports * Singapore Parliament * Mental Health * Interactives * Lifestyle * Entertainment * Women * Wellness * Living * Style & Beauty * Dining * Travel * Luxury * Experiences * Obsessions * People * Remarkable Living * CNA Eyewitness * Send us a news tip * Events & Partnerships * Branded Content * Business Blueprint * Health Matters * The Asian Traveller * Weather Edition: * Singapore * Asia SEARCH TRENDING TOPICS China Malaysia CNA Explains ChatGPT Snap Insight Ukraine invasion Wellness Climate change COVID-19 Russia FOLLOW CNA FOLLOW OUR NEWS * Facebook * Twitter * Youtube * LinkedIn * RSS RECENT SEARCHES TRENDING TOPICS China Malaysia CNA Explains ChatGPT Snap Insight Ukraine invasion Wellness Climate change COVID-19 Russia MAIN NAVIGATION * Top Stories * Latest News * Discover * Singapore * Asia * Commentary * Sustainability * CNA Insider * Lifestyle * Watch * Listen * + All Sections Business INDIA'S JIO SET TO SIGN $1.7 BILLION DEAL WITH NOKIA FOR 5G EQUIPMENT - ECONOMIC TIMES Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Close Close * Top Stories * Singapore * Asia * World * Commentary * Sustainability * Business * Sport * COVID-19 * Latest News * Discover * CNA Insider * Watch * Live TV * News Reports * Documentaries & Shows * TV Schedule * Listen * CNA938 Live * Podcasts * Radio Schedule * Special Reports * Singapore Parliament * Mental Health * Interactives * Lifestyle * Entertainment * Women * Wellness * Living * Style & Beauty * Dining * Travel * Luxury * Experiences * Obsessions * People * Remarkable Living * CNA Eyewitness * Send us a news tip * Events & Partnerships * Branded Content * Business Blueprint * Health Matters * The Asian Traveller * Weather Edition: * Singapore * Asia SEARCH TRENDING TOPICS China Malaysia CNA Explains ChatGPT Snap Insight Ukraine invasion Wellness Climate change COVID-19 Russia FOLLOW CNA FOLLOW OUR NEWS * Facebook * Twitter * Youtube * LinkedIn * RSS RECENT SEARCHES TRENDING TOPICS China Malaysia CNA Explains ChatGPT Snap Insight Ukraine invasion Wellness Climate change COVID-19 Russia ADVERTISEMENT ADVERTISEMENT Business INDIA'S JIO SET TO SIGN $1.7 BILLION DEAL WITH NOKIA FOR 5G EQUIPMENT - ECONOMIC TIMES FILE PHOTO: Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade/File Photo 06 Jul 2023 12:15PM (Updated: 06 Jul 2023 02:41PM) Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn BENGALURU :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. The contract could be signed as early as Thursday in Helsinki, Finland, where Nokia is headquartered, the report added. ADVERTISEMENT Jio and Nokia did not immediately respond to Reuters' requests for a comment. The telecom arm of Reliance Industries had chosen Nokia as a major supplier in October last year as Jio geared up to expand wireless services in India. Jio 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. ADVERTISEMENT 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. Shares of Reliance, which has the heaviest weightage in the blue-chip Nifty 50, climbed as much as 2.3 per cent after the report to be among the index's top gainers. 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