Foxconn, a leading Taiwan based manufacturer of connectors for use in personal computers and printed circuit boards for mobile phones, will set up $110 million plant in Chennai to manufacture mobile handset and other components..
Nokia India has seen exports from its telecom Special Economic Zone at Sriperumbudur near Chennai reach Rs 1,650 crore (Rs 16.50 billion) in 2006-07, according to figures provided by the Madras Exports Processing Zone.
The government on Wednesday granted approval to Nokia, Wipro, Hewlett Packard, Reliance, Biocon, Ranbaxy Laboratories, Mahindra and Mahindra, Reliance energy and Adani Group's to set up Special Economic zones.
The government has approved a Rs 675 crore (Rs 6.75 Special Economic Zone by Finnish telecom major Nokia near Chennai.
Nokia, which shipped 25 million handsets from its Chennai handset plant last year, is readying itself for a bigger expansion that includes increase in exports and ramping up of its ecosystem at its special economic zone in Chennai.
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.
Even as Left parties have demanded a review of the tax concessions provided to SEZs, the DoT has sought extension of excise duty exemptions to industrial units set up in telecom-specific SEZs.
Unions will 'fight to death' if company 'decides' to shut Chennai factory.
While leading SEZs like Mahindra World, Nokia, Apache, Hyderabad Gems and Jewellery became operational in 2008-09, exports from these zones fell short of target of Rs 1,20,000 crore (Rs 1,200 billion) in the last fiscal, according to the Export Promotion Council for EOUs and SEZs.
Prime Minister Narendra Modi's desire to showcase India as a destination for manufacturing is well understood.
When Dell decided to start its operations in Tamil Nadu, the state government wanted the company to operate from a rural area.
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
'Vajpayee used to consult the Opposition; Indira Gandhi used to consult the Opposition. Which khet ki mooli is Modi?'
The development comes at a time when growing tension in US-China trade ties is forcing companies to explore alternative manufacturing sites in order to derisk operations.
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.
The Taiwan-headquartered manufacturer has said it would invest around $5 billion in Maharashtra
A billion dollars in renewable energy is huge.
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