Nokia’s problematic Chennai plant halted down
If you followed up during the mild drama of Microsoft’s buyout of Nokia Devices & Services, you might have come across one of the articles quoting the Nokia Chennai factory in India posing an obstacle to the transaction.
After a handful of tax injunctions on the property by the Indian government, Microsoft and Nokia Finland agreed to scrap the manufacturing plant off of the $7.2 billion deal — and that they did, the acquisition went through only suffering a slight deficit due to the removal of the plant from the receipt.
Nokia announced on Tuesday of the closure of the factory at the end of the month. The Finnish company will still be responsible for the salaries of the staff who work there pending the re-opening or final shutdown of the plant.
The factory, officially known as the “Sriperumbudur facility” is valued at above $500 million and that’s where Nokia used to manufacture many of it’s mobile phone during it’s prime regime. HTC has been identified as one of the suitors who would like to buy the property.
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