Nokia gets regulatory approval from China

Indian tax case still hounds the Finnish firm

micorosoft-buys-nokiaFinally a good news for Nokia.The Finnish company has now secured the approval from Chinese government to transfer its assets to Microsoft.

“Nokia announced that the planned transaction whereby Nokia plans to sell substantially all of its Devices & Services business to Microsoft has today received regulatory approval from the Ministry of Commerce of the People’s Republic of China,” the company said in a statement.

For the closure of the Microsoft-Nokia deal, it was mandatory to get regulatory approvals from the respective countries where Nokia has operations. So far it has received regulatory approvals from the People’s Republic of China, the European Commission, the U.S. Department of Justice and numerous other jurisdictions.

The transaction is expected to close in April 2014.

Though its a good news and a step closer to the completion of the Microsoft-Nokia deal, the Indian tax and asset transfer case is still hounding the Finnish handset maker. Nokia’s Chennai factory and its assets were attached by the Indian government in a Rs 21,000 tax evasion case.

Though the Indian tax case on Nokia might not be able to stop the complete take over process by Microsoft, it would certainly be a big embarrassment for the Finnish firm.

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