Ad Here  
February
March
April
May
June
July
 
 
Singur minus Nano – victory or folly? Aurobindo Pharmacy: good turnaround TVS Srichakra plans capacity expansion Michelin to double Chennai capacity Record two-wheeler sales Shriram Life clocks more than Rs.1000 crore premium in 2015-16 Is this a generation gap? It takes two to tango TVS Automobile invests Rs.75 crore in start-up firms Mercedes-Benz sales continue to zoom Tata Motors joins compact SUV bandwagon with Nexon Vellayan is back, after 150 days ITC chairman calls for policy impetus to transform agriculture Tata Steel, ThyssenKrupp sign MoU to merge European units Tata Motors charts investments in PV and CV businesses The gainers and the losers AL wins Deming prize again L&T bags the Mumbai Trans-harbour link order Land wars M & M unveils driverless technology for tractors New India Assurance posts impressive show Tata gets 4-star rating for Zest Yamaha unveils scooter boutique CAPITAL NOTES Tata Motors aims to be among the Top 3 global CV & PV firm A welcome initiative-even critics are recognised Bajaj Finserv – Q1: fare well IOB on turnaround path From the toughest to the best year Are they really independent? AL introduces Guru & Partner PSU non-life firms seek to protect share He excels in the nuts and bolts of entrepreneurship Hindalco – re-rating Solar installations exceed 2015 capacity in five months Wabco launches safety system AL secures orders for 3600 buses Hyundai India achieves 7 mn production at Chennai factory Sivasankaran enters taxi space to take on Uber and Ola Rane targets Rs.5500 crore topline by 2018-19 The unexpected exit Sundram Fasteners rejigs international L & T set bigger ambitions in defence business PPP model for infrastructure development Gamesa to set up a plant in Nellore Titan Company – sales recovery to kick in Right to privacy – now it’s fundamental! L&T profit up by 11 per cent Daimler grows sales and share in India L & T’s floating dock for navy Forging industry worried over lower supply of steel and its price Increasing market share Nissan exit shouldn’t affect ALL Chinese smart phones flourish in small towns too! V-Guard launches app-enabled water heater system Kone India eyes further growth in elevator market Daimler’s truck exports from Chennai cross 5000 units Emami – a new growth mantra Eyes strong growth in 2016-17 RoC in the dock... TN government keen on revival of operations at Nokia complex ITC – steep excise hike Ponni Sugars (Erode) Ltd: not so sweet 2012-13 Maruti – for young buyers Last stages Toyota and Suzuki to introduce EVs in India by 2020 Ode to Ratan Tata Smooth sailing of SAIL Back in growth mode LVB posts 31 per cent growth in Q1 net profit Housing demand revival Dish TV – subscriber additions encouraging Smartphone onslaught by Chinese brands Tata Motors bets on new launches Consolidating leadership position in smartphones A niche in FMCG business... Preparing for the next growth curve Carnival Films acquiring 3000 screens pan India 29 per cent jump in TCS revenues Hyundai to focus on SUVs and AMT variants HPCL plans Rs.61,000 crore capex over 5-years E.I.D Parry (India) Ltd: another sweet year TI Cycles plans retail expansion to drive sales for premium bicycles Welcome focus to improve rural India... When small is not so beautiful…
 
TN government keen on revival of operations at Nokia complex

THE Tamil Nadu government has indicated that it would continue its efforts to revive electronic manufacturing operations at Nokia’s complex near Sriperumbudur.

In the memorandum she submitted to the Prime Minister during mid-June in New Delhi, Tamil Nadu Chief Minister J Jayalalithaa discussed state government’s plans to revive Nokia unit.

It is gathered that leading electronic manufacturing firm Foxconn has evinced interest to take over Nokia’s plant, which shut down its operations in November 2014 that led to more than 15,000 direct employees losing their jobs. The hurdle seems to be the freeze of Nokia assets by the Income Tax department of the Centre following tax disputes.

The state government has requested the Centre to de-freeze the assets so that manufacturing operations can re-commence.

“Foxconn has recently come forward to take over and revive the plant. To enable such a takeover, the Government of India would have to facilitate the de-freezing of Nokia’s assets, frozen by an order of the Delhi High Court in an Income Tax case, by arranging for the proceeds of the sale/lease transaction to be paid into a separate escrow account to meet the final tax liabilities. Such a course of action will ensure that the existing plant is utilised, jobs restored to thousands of persons and production commenced immediately,” she said in the memorandum.

A top state government official pointed out that machinery and everything is in good condition to commence operations immediately. With favourable operating environment, Foxconn sees many advantages in reviving Nokia unit, which is a well-established unit that was making half a million phones a day. So, if the Centre de-freezes the assets, the unit can restart the operations and other component suppliers will also come,” he said.

Revival of Nokia operations will go a long way in creating jobs at a time when governments are criticised for not doing enough for new job creation. Also, Sriperumbudur has a well-developed eco-system for electronic manufacturing that is on par with global standards. 

Author :
Reported On :
Sector :
Shoulder :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com