Nokia India To Deposit $370 Million In Court To Unfreeze Indian Assets

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In order to complete the deal with Microsoft without any hassles, Nokia India is planning to pay about $370 million in deposit to the court in the on going case between Nokia India and Indian Income Tax Department. If Nokia India was unable to transfer its Indian assets to Microsoft as part of the deal, then Nokia will allow Microsoft to use the factory under contract for one year. Since Nokia is selling the Devices and Services unit to Microsoft, Nokia’s factory in Chennai will be of no use for Nokia after the deal gets over and so Nokia might be finding other buyers for its factory or close it down completely.

On the other hand, workers of Nokia manufacturing unit in Chennai have moved to the Delhi High Court to safeguard their jobs as Nokia’s ongoing legal battle with the Income Tax department over its tax liabilities might lead to unemployment of over 8000 people. We will come to know about the final decisions on this issue over the course of this week.

via: Reuters

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