In a recent move, Beijing headquartered Chinese electronics giant Xiaomi and Finnish multinational manufacturer giant Nokia newly signed an agreement for a strategic business partnership and patent licensing where Xiaomi will be authorized to get hold of key patent assets from Nokia.
The multi-year copyright accord includes a cross license for each of the company's cellular standard necessary patents. However, the financials condition of the deal is not yet revealed.
"As a company seeking to deliver more exciting technological innovations to the world, we are excited at the opportunity to work more closely with Nokia in future," said Lei Jun, Chairman and CEO of Xiaomi, in a statement.
Though not charging well internationally including in China, Xiaomi is observing fast expansion in the Indian market and clocked over $1 billion in revenue in 2016.
As stated in the agreement, Nokia will offer network infrastructure gear intended to distribute high capacity, low power requirements for large web providers and data centre operators.
As per the agreement, both the companies will work jointly on optical transport solutions for datacentre interconnect, IP routing based on Nokia's newly announced 'FP4' network processor and a data centre fabric solution.
"In addition to welcoming such a prominent global technology company to our family of patent licensees, we look forward to working together on a wide range of strategic projects," added Rajeev Suri, President and CEO of Nokia.
Well that’s not all; beyond this both the companies also have decided to discover opportunities for additional cooperation in the areas such as Internet of Things (IoT), augmented and virtual reality and artificial intelligence (AI).