The world's largest cellphone maker Nokia would set up a manufacturing plant in India with an investment of $100-150 million, a senior company executive said on Friday.
The smartphone is priced at Rs 9,199.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
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The Chennai plant may be excluded from software giant Microsoft's acquisition of Nokia's handset business for 5.4 billion euros due to tax issues.
Microsoft has launched its first 4G device, the Nokia Lumia 638 with Windows Phone 8.1 at a price of Rs 8,299.
Fate of factory, 8,000 workers remains uncertain.
Nokia may be allowed to sell Chennai mobile plant.
The workers who were hired straight out of school as unskilled labourers are now struggling to find alternative employment because they lack skills.
Nokia started operations at Sriperumbudur plant near Chennai, the second biggest facilities by any global firm, in 2006 after Korean auto major Hyundai's came up with its plant in the late 1990s.
However, the firm continued with its operation in the Indian market.
These will be priced at Rs 5,999 and Rs 6,499 respectively
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
Nokia said that it will be informing all stakeholders including the Labour Commissioner of the suspension.
It's planning to offer unique apps such as Office 365, One Drive and X-Box Games.
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
In the factory, workers said Friday was the last day as far as production was concerned.
The device is being labelled as the phone for 'selfies and skype'.
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
The decision to shut down the Chennai plant will reduce valuation of Nokia for Microsoft
All future smartphones from Microsoft will be under the Microsoft brand, which means Nokia brand will now be phased out.
The department has calculated and arrived at the figure and may raise two separate demands.
In a separate tax case, the Supreme Court had ordered Nokia India on March 14 to give a Rs 3,500 crore or Rs 35 billion guarantee before it transfers the plant to Microsoft.
The Delhi High Court on Thursday asked the Income Tax (IT) department to take a decision on the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs 2,250 crore (Rs 22.50 billion) to it towards the tax liability of the company which is nearly Rs 6,500 crore (Rs 65 billion).
In February this year, Nokia had announced the 'Nokia X' family of affordable smartphones, running Google's Android apps, at the Mobile World Congress in Barcelona.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
While critics doubt if the new brand would be continued once Microsoft completes integrating Nokia, the X appears to be Nokia's ploy to ease Android-junkies into a Windows Phone environment.
Unions will 'fight to death' if company 'decides' to shut Chennai factory.
Tax problems and unfavourable WTO agreements are making Tamil Nadu's electronics corridor less attractive to companies.
Budget smartphones will rule the market in 2015.
Components manufactured in India are low-value products like casing and box packaging that constitute 5% of the bill for materials required in phone manufacturing.
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