Nokia (NOK) Approved to Transfer Chennai Facility to Microsoft (MSFT)
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Nokia (NYSE: NOK) is indicated higher Thursday following news of a favorable outcome in India.
According to report, the Delhi High Court overruled an order brought about by India's Income Tax department which put a restraint on the Finnish company selling its Chennai plant to Microsoft. The court asked that Nokia deposit 22.5 billion rupees (about $367.2 million) into escrow as the tax lien case will continue separately.
Last March, Nokia was served with a tax notice from India for the amount of 20.8 billion rupees ($340.5 million) spanning five years starting in 2006.
Transfer of the plant was one of the key sticking points to closing its $7.4 billion Devices and Services unit sale to Microsoft.
Shares of Nokia are positive in early trading.
Below is a photo of the Chennai facility:
According to report, the Delhi High Court overruled an order brought about by India's Income Tax department which put a restraint on the Finnish company selling its Chennai plant to Microsoft. The court asked that Nokia deposit 22.5 billion rupees (about $367.2 million) into escrow as the tax lien case will continue separately.
Last March, Nokia was served with a tax notice from India for the amount of 20.8 billion rupees ($340.5 million) spanning five years starting in 2006.
Transfer of the plant was one of the key sticking points to closing its $7.4 billion Devices and Services unit sale to Microsoft.
Shares of Nokia are positive in early trading.
Below is a photo of the Chennai facility:
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