State-owned China Putian Corporation and Canada's Nortel will set up a joint venture to develop and sell third generation (3G) mobile telecommunication equipment and products in China.

They have signed the joint venture agreement in Beijing in ceremonies attended by Chinese Premier Wen Jiabao and visiting Canadian Prime Minister Paul Martin.

China Putian, one of the country's largest telecommunication equipment providers, will own 51 percent of the joint venture, while Nortel will hold the remaining 49 percent.

The two companies expect the pact setting up Putian-Nortel Networks Telecommunications Equipment Co Ltd in Wuhan, capital of Hubei Province, to be finalized by June 30 this year.

Their joint venture will focus on TD-SCDMA and WCDMA products and solutions, as well as related network engineering and optimization services.

(CRI.com January 21, 2005)