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Indian court allows Nokia to transfer its Chennai plant to Microsoft

         

Nokia’s plant in India that’s situated within the metropolis of Chennai used to be beneath a dispute with tax authorities within the sub-continent. Because of this, the asset, which used to be one of the vital largest Nokia manufacturing crops used to be sized by using the native executive. The seizure may show complicated as some speculated it would stop the Microsoft acquisition of the Nokia mobile division.

The possible crisis is now long gone, on the other hand, as Nokia has gained its enchantment to carry the seizure of the plant, which lets in the corporate to switch the unit to Microsoft as part of its deal.

The tax dispute against Nokia will not end here and if the company loses it, Nokia might end up paying about $3.4 billion in penalties and interest to the government of India. Nokia has deposited $367.17 million in an escrow account to liberate its plant.

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