A day after the Delhi High court agreed to hear Nokia’s asset-freeze case on May 26, Essar Group, reported to be one of the suitors for the plant, on Thursday said it was no longer interested in buying Nokia’s Chennai handset-making unit.
“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 e-mailed to FE.
Nokia’s Chennai plant has been under freeze over an estimated Rs 10,000-crore tax dispute with the Income Tax department. Nokia had sought the court’s permission to sell the plant and keep the amount in an escrow account till the matter is resolved, but the I-T department has said that the amount the company is offering is very little.
The Delhi High Court had appointed consulting firm Ernst & Young India as the plant’s valuer. Amid the clamour for revival of the Chennai manufacturing plant, Nokia had told FE in March that it has been approached by parties interested in buying the facility.
“It has been approached by parties interested in buying the Chennai facility, but due to confidentiality reasons we will not comment further,” Nokia had said in a response e-mailed to FE.
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