Nokia to invest Rs 250 crore more in Chennai plant
Posted on: 07/Nov/2012 10:37:49 AM
Nokia is investing an additional Rs 250 crore in its largest mobile phone production facility in Chennai, indicating that the company is betting big on this plant even as it is cutting about 10,000 jobs globally. Company executives said that the global jobs cull will not impact its Chennai facility.
The Finnish cellphone maker`s total cumulative investment in the Chennai plant will exceed $330 million (about Rs 1,800 crore) after the latest funds infusion, said a senior executive aware of the matter.
Nokia`s plans to step up investments at its Chennai factory come on the heels of a recent global decision to shift core manufacturing lines to Asian factories where bulk of its component vendors are based.
The decision to migrate core manufacturing from Europe to Asia is also expected to help cut costs and enhance the company`s competitive edge in growth markets.
