Nokia to re-enter the smartphone business

Nokia is planning to re-enter the smartphone business in 2017, a slide from Nokia`s Capital Markets Day 2016 has revealed.

The event that was held on November 15 for investors, the company stated that 2017 will represent "Nokia brand`s return to smartphones," Phone Arena reported on Friday.

Since it does not have the required manufacturing facilities, Nokia will rope in Finnish company HMD Global, and Taiwanese giant Foxconn to manufacture the smartphones.

Led by former Nokia execs, HDM will "develop, market and sell Nokia-branded phones and accessories", while Foxconn is dealing with R&D and manufacturing, the report added.

The first smartphone of Nokia after its come back is rumoured to be the D1C that runs on Android 7 Nougat with a Snapdragon 430 processor, and offers a 1080p display and 3 GB of RAM.