Microsoft could lose key Nokia manufacturing plant in India

Nokia, BMW, IBM, Vodafone, and Regal Dutch Shell are just a few of the multinational companies caught up in tax battles with the Indian government. A few days agone we learned that an Indian Supreme Court ruled that Nokia must eolith $571 million into an escrow account before information technology can transfer a key manufacturing plant to Microsoft.

As y'all know, Microsoft is trying to finalize its deal to acquire Nokia'due south phone unit of measurement for $7.3 billion. Microsoft and Nokia hope to stop the deal earlier the month ends. However, the Indian government is making things a piddling tricky for the two companies.

The Chennai factory is a key manufacturing asset for Nokia and would become Microsoft's property under the current bargain. However, according to a senior Indian revenue enhancement official, that Nokia manufactory may not got to Microsoft after all.

Nokia and Microsoft may need to renegotiate the $seven.3 billion acquisition bargain considering of the Chennai manufactory. Sources in the Indian courts tell local newspapers that the found can't become part of the Microsoft deal considering of the ruling from the Supreme Court. Nokia Finland, parent company to Nokia India, doesn't want to get involved. A quote from an Indian tax official:

"Nokia Finland has fabricated it articulate to united states of america that information technology does not want to become involved. They have too fabricated information technology handsomely clear that they want to limit their liability to their assets in India. In such a situation, they have no option only to exclude the Chennai unit from the deal for information technology to go through within the set fourth dimension frame."

Nokia is left with a few options. It could run the factory equally a contractor on behalf of Microsoft or it could shut the plant down. Which would exit over 8,000 locals out of work. A blow non only to Microsoft, which wouldn't get a key factory, just to those who rely on the factory for their livelihood.

Nokia has maintained that whatsoever developments in Bharat over ongoing tax proceedings won't affect the timing or the material bargain betwixt itself and Microsoft. 1 manner or the other, Nokia and Microsoft are planning on closing the deal in the coming weeks.

Source: The Financial Express

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