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Indian Government Lifts Nokia's Asset Freeze, Factory Can Transfer To Microsoft 53

Posted by timothy
from the what-the-market-will-bear dept.
rjmarvin writes "The Delhi High Court approved an appeal by Nokia today to unfreeze the company's Indian assets, including the Chennai mobile phone factory set to be transferred to Microsoft as part of its devices and services acquisition. The decision was contingent on Nokia putting $367 million in escrow to go towards its imposed taxes. Nokia lobbied to lift the freeze to avoid holding up the deal or being forced to stay on as a subcontractor, though they're still on the hook for taxes and penalties to the tune of up to $3.4 billion for a financial period dating back to 2006. Microsoft, though, is in the clear."
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Indian Government Lifts Nokia's Asset Freeze, Factory Can Transfer To Microsoft

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