Industry

Nokia’s Sriperumbudur plant to reopen in 2020

Union Telecom and IT Minister Ravi Shankar Prasad.

Union Telecom and IT Minister Ravi Shankar Prasad.   | Photo Credit: PTI

Finnish IT major Salcomp has bought it

After being shut for more than half a decade, Nokia’s Chennai plant is likely to resume operations by March 2020. Union Telecom and IT Minister Ravi Shankar Prasad on Monday announced that the plant had been bought by Finland-based Salcomp — the world’s largest maker of mobile phone chargers and a key supplier for Apple.

“Salcomp has reached an agreement to take over that facility... It is expected to start operations by March 2020. Salcomp will be investing ₹2,000 crore over the next five years. It will bring direct employment to 10,000 people and indirect employment to 50,000 people,” the Minister said.

The factory has been shut since 2014 following a tax dispute.

The Minister added that Salcomp will be exporting 70% of the products made in India, mostly to China.

Further, Mr. Prasad added that Apple had started the production of its iPhone XR in India for the domestic market and exports. “India will have the most favourable regime to become a big centre for mobile manufacturing,” he said. Exports of electronics from India were expected to double to $3.2 billion in the current financial year (2019-20).

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Printable version | May 27, 2020 3:41:00 PM | https://www.thehindu.com/business/Industry/nokias-sriperumbudur-plant-to-reopen-in-2020/article30079591.ece

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