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India court seeks value of Nokia factory seized in tax dispute

10
Dec
2013

(Reuters) – An Indian court extended a hearing over local tax authorities seizure of a Nokia factory by seeking information on the plant value, adding to concerns whether the company can transfer the property to Microsoft as part of the sale of its mobile phone business. Nokia has offered to pay a 270 million euro ($369 million) deposit to Indian authorities to unfreeze assets in a tax dispute, according to sources familiar with the matter. The Finnish firm has been trying to free up the assets, particularly its Chennai factory which is one of its biggest phone-making plants, ahead of the sale of its mobile phone business to Microsoft. The Delhi High Court on Tuesday asked the tax authorities to submit the value of the Chennai factory on Wednesday, when it is due to hear the case again, amid growing uncertainty about Nokias exact tax liabilities in India.

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