Nokia is set to re-enter the market of Smartphones in 2016. A new report from Nokia claimed that it was looking to re-enter the market in that said year and was working on new technologies, such as virtual reality.

According to a report by Re/code, which cited two people briefed on the plan of the company to come back, it is set to re-enter the market using a business model that it used to introduction of Nokia N1 tablet.

Last year, the company had launched the N1 tablet with a Foxconn brand-licensing agreement that made it responsible in manufacturing, distributing and selling of N1. Re/code also reported that Nokia was looking in the same brand-licensing agreement for its revival in the Smartphone industry and that it would not be entering the competitive manufacturing again.

After the company’s acquisition by the tech giant, Microsoft, it was split into three companies, namely Nokia Networks, its telecommunications division that announced Alcatel-Lucent. From here, its navigation and location services, its Nokia Technologies, its licensing of patents and product development arm are created.

Re/code furthered that Nokia had been staffing up and was working hard on its products for the coming years. Ramzi Haidamus of Dolby Labs joins as president of Nokia Technologies while new CTO is Guido Jouret of Cisco.

Let’s stay tuned for more updates on this story soon on this blog.