Tax dispute: Nokia offers $369 million to unfreeze India assets

Nokia has offered to pay 270 million euros ($369 million) to Indian authorities to unfreeze assets in a tax dispute, according to sources familiar with the matter.

Nokia’s offer would come on top of an earlier payment of around 85 million euros. The Finnish company has been in disagreement with Indian authorities over an income tax bill of 20.8 billion rupees ($337.48 million), one of several tax disagreements involving foreign companies in India.

Nokia has been trying to unfreeze its Indian assets, including a Chennai factory, ahead of the sale of its mobile phone business to Microsoft.

Nokia declined to comment beyond saying it was committed to getting its Indian assets unfrozen and “once again calls on the Indian government and tax authority to work with urgency towards a solution before the December 12 deadline”.

The Delhi High Court will hear the case on December 10.

Reuters