While the maker of telecom equipment focuses on ambitious growth, Nokia announced plans to alter its brand identity for the first time in nearly 60 years, complete with a new logo.

The word Nokia is represented by five different shapes in the new logo. Depending on the purpose, the previous logo's signature blue color has been replaced with a variety of colors.

The change in the logo is seen as part of the business strategy the company is going to follow, according to Nokia's Chief Executive Officer, Pekka Lundmark, who spoke on the event of the annual Mobile World Congress (MWC) event held in Barcelona.

Lundmark implemented a three-level approach to enhance circumstances within the business after being appointed CEO. Three steps made up his plan: reset, accelerate, and scale. The company has completed the reset phase and has begun the following one.

According to what Lundmark has stated, the company's service provider business has grown by 21 percent from the prior year. The company presently sells equipment to several telecom companies, but going forward, it also wants to sell its equipment to other businesses. Together with Nokia, many other businesses have started to market their own exclusive 5G network services.

The company also intends to examine its present commercial ventures and will only aim to develop ventures that would enable them to obtain leadership in the global arena going forward. The company will also take actions like divesting, in which they sell businesses that they decide are unprofitable to continue.

Nokia's primary focus is now on selling equipment to other firms, though it still hopes to expand its service provider sector, where it sells equipment to telecom companies.

To sell private 5G networks and equipment for automated factories to consumers, particularly in the manufacturing sector, major technology companies have partnered with telecom equipment manufacturers like Nokia.

Nokia intends to evaluate the development of each of its companies and explore all available options, including divestiture.

Nokia will be competing against major tech firms like Microsoft and Amazon as they move toward datacenters and factory automation.

With development in low-margin India replacing demand from high-margin areas like North America, the market for telecom equipment is under strain, forcing competitor Ericsson to lay off 8,500 workers.