Essar group confirmed that, they are no longer interested in purchasing the Nokia Unit based in Chennai city of Tamil Nadu.
“In recent times there has been a spate of media reports on Essar acquiring Nokia’s Chennai plant. Essar confirms that it is no longer pursuing the deal and therefore categorically denies the media speculation around this subject,” Essar said in a statement.
Last month a Senior Tamil Nadu official said that, Nokia has written to them that they have identified a serious buyer in India. It was said that Essar chief Shasi Ruia was interested in purchasing the plant. However, the latest outcome has landed Nokia’s hopes into waters. Nokia plant in Chennai, owes a estimated Rs 10,000 crore tax to the government and hence the plant was freezed by the IT department.
Nokia has sought the permission of the court to sell the plant, to which the IT department countered that what Nokia has been offering over the tax payment is very low, when compared to the actual tax, The Asian Age reports.
The Delhi High Court has ordered to appoint consulting firm Ernst & Young India as valuer of the plant. On March 3 in Parliament, PM had indicated that the Tamil Nadu-based Nokia plant is likely to start functioning again.