On Wednesday, Finnish telecom giant Nokia announced that it has secured a “multi-billion-dollar” agreement with Bharti Airtel, one of India’s leading telecom operators.

The deal involves the supply of 4G and 5G equipment, further strengthening Nokia’s foothold in one of the world’s fastest-growing telecom markets.

Insiders familiar with the negotiations revealed to Reuters last month that Nokia and Bharti were close to finalizing a deal worth several billion dollars. This agreement is expected to enhance Bharti Airtel’s network infrastructure across India, where demand for high-speed connectivity continues to grow.

The announcement follows a similar contract won by Nokia’s Swedish competitor, Ericsson, earlier in October. Like Nokia, Ericsson’s deal with Bharti Airtel is valued at several billion dollars, marking a significant push by the Indian telecom firm to upgrade its network capabilities.

India has emerged as a critical market for global telecom equipment providers, helping Nokia and Ericsson offset weaker demand in the United States last year. However, the volume of orders from Indian telecom operators has slowed since the growth surge of 2022, raising questions about future momentum.

Nokia’s share price responded positively to the announcement, rising by 3.1% by 0829 GMT, reflecting investor optimism about the new partnership.