Nokia has formally inaugurated its first handset factory in Sriperumbudur on the outskirts of Chennai, with the aim of reducing the time to market. The factory is its fifteenth plant globally and is in line with the Finnish firm’s ambition to increase its market share in India ?? Asia’s third largest economy ?? which is expected to account for sales of more than 53 million in 2006, compared to about 31 million last year. Nokia’s Aspocomp Group will also set up a printed circuit board facility worth $70 million in India. And Perlos Corporation, which supplies mechanics to Nokia, plans to build a plant in India at a cost of about $12 million.
