Nokia’s controversial Chennai factory finally found its new owner. Because of issues with authorities regarding taxes, Nokia’s factory in Chennai, India wasn’t the part of the Devices and Services acquisition by Microsoft, but was left in Nokia’s ownership.
The factory was shut down and assets were frozen until the solution between authorities and Nokia have been found. In March 2018, the tax issue was solved and Nokia was ready to sell the factory. Companies like HTC and recently Foxconn were interested in purchase, according to previous speculation.
The new owner of Nokia’s Chennai factory is Salcomp, one of Apple’s major contractors. The Chennai factory once fully operational will employ 10,000 people. Around 60% of orders will come from Apple, while the rest will be from Vivo, Oppo, Foxconn and Xiaomi. The price of the acquisition was around 30 million dollars. Nokia confirmed the deal happened, according to ET.
The operations in Chennai factory are expected to start in March 2020.
source: India Times – Economic Times