Nokia Phone Maker HMD Global Set To Invest Large Part Of Newly Raised $230 Million Fund To Turn India Into Its Export Hub

Nokia Phone Maker HMD Global Set To Invest Large Part Of Newly Raised $230 Million Fund To Turn India Into Its Export HubNokia begins manufacturing of 5G equipment in its Chennai Plant. (David Ramos/Getty Images)

In a positive development, the maker of Nokia branded smartphones, HMD Global is aiming to turn India into its future export hub, and plans to use a large part of its newly-raised $230 million funds to manifest its ambitions in the country, reports Economic Times.

With new funds raised from investors and technology majors like Nokia Technologies, Google and Qualcomm, HMD now plans to work with local contract manufacturers to bring low-cost 4G and affordable 5G smartphones in the coming future.

It should be noted that US-based Google and Qualcomm had announced a similar partnership with Mukesh Ambani led Jio Platforms last month while investing massive funds for a minority shareholding in the Reliance Industries Limited (RIL)'s subsidiary.

HMD Global's chief executive Florian Seiche said that the company is planning to also partner with big telecom operators. He said, "I definitely see there's a great opportunity in making deeper partnerships also with operators and other channel partners in India."