Nokia plans to revamp business in India

21 January 2012: Mobile handset market leader Nokia, with manufacturing facility in an SEZ near Chennai, plans to revamp its business in India by infusing fresh investment of Rs 250 crore in the next three years, with potential to create 500 new jobs. The company has furnished the information with the Commerce Ministry, seeking permission for its restructuring plan. Since the handset manufacturer has a facility in the Special Economic Zone (SEZ), it requires a nod from the Board of Approval (BoA) for effecting changes in its business model.

The proposal is likely to find favour with the Ministry since the changes in the model "by splitting its business will be revenue neutral for the State and Central government," sources said.

Source: Economic Times

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