Millennium Post

Essars studying feasibility of buying Nokia’s TN unit

Essars studying feasibility of buying Nokia’s TN unit
Weeks after Prime Minister Narendra Modi indicated efforts were on to revive Nokia’s handset manufacturing plant near here, Essar Group has said it is evaluating the feasibility of buying the defunct unit.

“We are still evaluating. We do not have commitment though,” Essar Group Chairman Shashikant Ruia has said. The company would also not be averse to taking back the workers who lost their jobs following closure of the facility after Nokia-Microsoft’s $7.2 billion deal, he said.

“We can offer training to them and make them operators in 15 days,” he said speaking at a Rotary club felicitation function here last evening. The reason for indicating the company’s interest can be seen in the backdrop of spurt in electronics industry which is currently estimate to be worth $40 billion. Ruia said import of mobile handset which was around Rs 75,000 crore currently, was expected to reach Rs 1 lakh crore by next year.

Nokia suspended operations at the facility, one of its largest in the world, in the industrial hub of Sriperumbudur near here, from November 1, 2014 after it was excluded from the Nokia-Microsoft $7.2 billion deal due to tax disputes.   
PTI

PTI

Our contributor helps bringing the latest updates to you


Share it
Top