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Tax case not expected to affect deal with Microsoft: Nokia

New Delhi: Finnish handset major Nokia has said the developments in the Rs 21,153-crore tax liability case in India is not expected to affect the "timing or closing" of its deal with software giant Microsoft.Last

PTI [ Updated: February 15, 2014 15:57 IST ]
tax case not expected to affect deal with microsoft nokia
tax case not expected to affect deal with microsoft nokia

New Delhi: Finnish handset major Nokia has said the developments in the Rs 21,153-crore tax liability case in India is not expected to affect the "timing or closing" of its deal with software giant Microsoft.


Last year in September, the US-based firm had announced it will acquire almost all of the Devices and Services business of Nokia for USD 7.2 billion.

"Nokia would like to stress that recent developments in India related to ongoing tax proceedings are not expected to affect the timing of the closing nor the material deal terms of the anticipated transaction between Nokia and Microsoft, announced on September 3, 2013," Nokia said in a statement late yesterday night.

The handset maker further said: "The transaction is still expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions, irrespective of the proceedings in the Indian tax case."

Earlier this week, Nokia's Chairman and interim CEO Risto Siilasmaa after meeting Commerce Minister Anand Sharma had said the Chennai factory, which is among assets to be transferred to Microsoft, would have to be shut down if the tax issue is not resolved.

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