Nokia agrees on "Shanghai Bell" joint venture with China Huaxin

Equal partnership: Nokia has agreed to create a joint venture in China with state-owned Huaxin.

HELSINKI: Finnish telecom equipment maker Nokia said it had agreed to create a Chinese joint venture with Huaxin in a move that could pave the way for China's approval for Nokia's proposed takeover of Alcatel-Lucent. 

The joint venture, to be named Nokia Shanghai Bell, will be built upon a similar, long-time joint venture between France's Alcatel-Lucent and China Huaxin, which is a state-owned Chinese investment company.