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Log inLooks like thousands of people will be out of jobs in Chennai
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Looks like thousands of people will be out of jobs in Chennai
by Rishi Tue Dec 03, 2013 10:32 pm
Nokia Chennai plant to be excluded from Microsoft deal if tax dispute continues
Press Trust of India, December 03, 2013
Finnish phone maker Nokia may have to exclude its Chennai plant from the USD 7.2 billion deal with Microsoft if tax issues facing the India unit are not resolved by next week.
Finland's Foreign Minister Erkki Tuomioja has voiced concern over the Chennai plant, which employs many thousand people, being left out of the Microsoft-Nokia deal if the tax dispute with Indian authorities is not resolved and assets of the plant remain frozen by December 12.
"There is an agreement between Nokia and Microsoft that unless this dispute is solved and the assets of its Chennai plant unfreezed before December 12, the Chennai plant would be left outside of Nokia-Microsoft agreement," Tuomioja told a group of visiting Indian journalists here.
"That of course, in the worst case, could lead to closing down of the Chennai plant, which is employing many thousand people, and with sub contractors up to 30,000 people. So, I think that would not be (in) anyone's interest," he added.
When contacted, Nokia said if its assets continue to be frozen by tax authorities then "it must prepare for the eventuality that the Indian factory assets do not transfer to Microsoft."
"This would create regrettable uncertainty at Chennai facility, as this is an industry where quick decisions are essential to success... The unfreezing of assets should happen by December 12 at the latest," the company said.
Nokia's Chennai plant is one of its biggest facilities.
An offer by Nokia to settle the matter was rejected by the Revenue Department yesterday and the court has listed the matter for December 9.
Press Trust of India, December 03, 2013
Finnish phone maker Nokia may have to exclude its Chennai plant from the USD 7.2 billion deal with Microsoft if tax issues facing the India unit are not resolved by next week.
Finland's Foreign Minister Erkki Tuomioja has voiced concern over the Chennai plant, which employs many thousand people, being left out of the Microsoft-Nokia deal if the tax dispute with Indian authorities is not resolved and assets of the plant remain frozen by December 12.
"There is an agreement between Nokia and Microsoft that unless this dispute is solved and the assets of its Chennai plant unfreezed before December 12, the Chennai plant would be left outside of Nokia-Microsoft agreement," Tuomioja told a group of visiting Indian journalists here.
"That of course, in the worst case, could lead to closing down of the Chennai plant, which is employing many thousand people, and with sub contractors up to 30,000 people. So, I think that would not be (in) anyone's interest," he added.
When contacted, Nokia said if its assets continue to be frozen by tax authorities then "it must prepare for the eventuality that the Indian factory assets do not transfer to Microsoft."
"This would create regrettable uncertainty at Chennai facility, as this is an industry where quick decisions are essential to success... The unfreezing of assets should happen by December 12 at the latest," the company said.
Nokia's Chennai plant is one of its biggest facilities.
An offer by Nokia to settle the matter was rejected by the Revenue Department yesterday and the court has listed the matter for December 9.
Rishi- Posts : 5129
Join date : 2011-09-02
Re: Looks like thousands of people will be out of jobs in Chennai
by Kayalvizhi Wed Dec 04, 2013 12:07 am
This is why we want Tamil Nadsu independence from Indian rule. The Hindi politicians dont give a damn about jobs in TN. They are totally insensitive to TN unemployment.
Their import-export and tax policies are tailored to benefit Hindi belt. Here is an expose.
Kerala's Coconut Farmers and Tamil Nadu's Textile Workers are starved to Enrich Hindian Businesses (by Lalitha Krishnan Nair)
http://www.tamiltribune.com/01/0702.html
Their import-export and tax policies are tailored to benefit Hindi belt. Here is an expose.
Kerala's Coconut Farmers and Tamil Nadu's Textile Workers are starved to Enrich Hindian Businesses (by Lalitha Krishnan Nair)
http://www.tamiltribune.com/01/0702.html
Kayalvizhi- Posts : 3659
Join date : 2011-05-16
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