iPhone maker swoops in to buy Nokia property
Nokia’s Chennai, India manufacturing plant has caused a lot of uprising in the industry this year alone. The factory was included in the list of Nokia Devices & Services assets that would be sold to Microsoft for $7.2 billion. However, following tax issues, the property was left out in the deal causing over 5000 pockets to be left jobless.
The latest information reaching BestMobs today is that OEM (original equipment manufacturer), Foxconn — who produces iPhones and iPads for Apple, is interested in buying the Chennai facility.
A top official who said the Indian government will be strategical to the sale of the factory said, “The current dispute, as it stands, is lose-lose for both parties. Nokia can’t sell, but if the plant and machinery goes to waste, the tax department will also not be able generate anything out of it.”
“What makes Foxconn’s investment plans even stronger is that one of its chief Indian clients, Micromax, is believed to have expressed its intention of sourcing as much as 25% of production if Foxconn were to take over the plant,” the anonymous source explained.
Foxconn is said to be interested in investing around $2 billion in India of which part of it could go to the plant while Lava/Xolo also intends to flex it’s muscle in the manufacturing thingy. As it stands now, it’s a matter of time before we find out the final destination of Nokia’s Chennai plant.
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