India releases hold on Nokia’s Chennai plant, allowing Nokia/Microsoft deal to go ahead

The Indian authorities have released their hold on Nokia’s manufacturing plants in the Chennai province after the company placed a large $367.17 million deposit into escrow.

The move will allow Nokia to finalize their deal with Microsoft and transfer their factories and other phone assets to the Seattle company.

The Indian authorities are still after Nokia however, with some claiming they owe the Indian tax authorities as much as $3.4 billion, including penalties for non-payment of tax and interest.

Reuters report that the Nokia’s case is one of several high-profile tax disputes involving foreign companies, with IBM, Royal Dutch Shell, Vodafone Plc and LG Electronics Inc.  all being pursued.

Source: Reuters.com

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