Government of India will permit Nokia to sell its Sriperumbudur plant
Posted on: 25/Mar/2015 12:21:27 PM
It is understood that the Government of India will permit Nokia to sell its Sriperumbudur plant with some conditions. Nokia is a famous mobile manufacturer from Finland. Nokia had set up a factory in Sriperumbudur at a cost of Rs 1,800 Crores. This factory was functioning for the last 8 years. The company, over the time ran into trouble with tax authorities and legal tangles. From November 1 last year, it had suspended mobile handset production at the Sriperumbudur plant. Thousands of people lost their jobs.
Government may allow Finnish telecom firm Nokia to sell its Chennai plant with a condition that the money realized will be kept in escrow account till final verdict is out on its Rs 21,000 crore tax dispute.
The Government is considering all options to revive the unit and address concerns of around 25,000 workers rendered jobless. The Modi government, which is hard-selling India’s potential to be a manufacturing hub with its ‘Make in India’ campaign, said it was trying to ensure that there was no repeat of such an incident.
