Nokia India has approached the Delhi High Court to withdraw its earlier request to lift the freeze on its manufacturing facility in Chennai, allowing the company to sell the plant which is entangled in the Rs 100 billion tax dispute. According to the company, the prospective buyer refused to purchase the plant, rendering Nokia?s earlier request in the high court as infructuous.
Meanwhile, EY, the company appointed by the court to determine the plant?s value, has stated that the Chennai plant?s valuation assuming that the company can stay afloat (going concern) is Rs 3.61 billion and Rs 4.17 billion if it goes bankrupt (non-ongoing concern). Nokia stated that the buyer had offered Rs 4 billion for the plant. Earlier, Essar Group had reportedly withdrawn from the list of potential buyers for the plant.
