 "The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in Tucheng, New Taipei. Photo: Reuters")
The Tamil Nadu government has initiated talks with Taiwanese electronics contract manufacturer Foxconn to revive Nokia’s facility near Chennai, with the Finland-based mobile phone maker working towards settling an income-tax claim.
According to Bloomberg, Nokia will pay $241.4 million to the government for settling the case out of court — a move that will bring to end a five-year dispute over an original $602.3-million tax demand through a mutual agreement procedure. The one-time settlement, in accordance to the India-Finland double tax avoidance agreement, is a marked departure from the Indian tax authority's pattern of drawing foreign multinationals like Google and
