{"id":37379,"date":"2016-07-27T10:37:09","date_gmt":"2016-07-27T14:37:09","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=37379"},"modified":"2016-07-27T10:37:09","modified_gmt":"2016-07-27T14:37:09","slug":"government-encourages-revival-of-nokia-corp-adr-nysenok-and-foxconn-plants-in-tamil-naidu","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/government-encourages-revival-of-nokia-corp-adr-nysenok-and-foxconn-plants-in-tamil-naidu-37379","title":{"rendered":"Government Encourages Revival of Nokia Corp (ADR) (NYSE:NOK) And Foxconn Plants In Tamil Naidu"},"content":{"rendered":"<p>The Tamil Naidu state government is taking measures that will facilitate the revival of <strong>Nokia Corp (ADR) (NYSE:NOK)<\/strong> and Foxconn\u2019s factories in the state.<\/p>\n<p>Industries Minister M.C. Sampath revealed the plans during a State Legislative session on Tuesday. The minister brought up the subject as a response to DMK legislator C.V.M.P. Ezhilarasan who had previously raised concerns over the closure of the two plants. Sampath stated that two representatives from the Tamil Naidu government were in talks with Foxconn officials concerning the revival of the closed facilities.<\/p>\n<p>The factories in question are the Nokia plant in Sriperumbudur and the Foxconn facility which is within Nokia\u2019s factory. The plants were part of the frozen assets that were left out when <strong>Microsoft Corporation (NASDAQ:MSFT)<\/strong> sold Nokia\u2019s mobile division. The plant was one of the largest mobile phone manufacturing facilities in the world. The plant manufactured more than 15 million handsets on a monthly basis and it had more than 6,000 employees. Foxconn\u2019s factory had 1306 permanent workers according to Labour and employment Minister Nilofer Kabil. The minister also revealed that the affected employees were supposed to receive compensation and so far only 334 employees have received compensation.<\/p>\n<p>Tamil Naidu\u2019s governor K Rosaiah also spoke during the state assembly revealing that serious efforts were in effect to restore the Nokia plant together with its component providers. Chief Minister J Jayalalithaa also sent a memorandum to the Prime Minister requesting his influence towards the revival of the facilities. Jayalalithaa stated that Microsoft and Foxconn recently revealed their plans to take over and restore the plants. The Chief Minster pointed out that the government would have to oversee the defreezing of the assets for such a takeover to happen.<\/p>\n<p>The State Legislative assembly believes that the revenue collected from the seal or lease agreement over the property should be used to ease tax liabilities through a separate escrow account. The application of such a strategy will facilitate the restoration of the plant as well as the jobs to the people that were affected by the closure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Tamil Naidu state government is taking measures that will facilitate the revival of Nokia Corp (ADR) (NYSE:NOK) and Foxconn\u2019s factories in the state. Industries [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":15439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[263],"tags":[11975,11974,1075,1637,738,11973,4713,672],"stock_ticker":[],"class_list":["post-37379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-foxconns","tag-j-jayalalithaa","tag-microsoft-corporation","tag-microsoft-corporation-nasdaqmsft","tag-nasdaqmsft","tag-nokia-corp-adr","tag-nokia-corp-adr-nysenok","tag-nysenok","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government Encourages Revival of Nokia Corp (ADR) (NYSE:NOK) And Foxconn Plants In Tamil Naidu - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/government-encourages-revival-of-nokia-corp-adr-nysenok-and-foxconn-plants-in-tamil-naidu-37379\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government Encourages Revival of Nokia Corp (ADR) (NYSE:NOK) And Foxconn Plants In Tamil Naidu - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"The Tamil Naidu state government is taking measures that will facilitate the revival of Nokia Corp (ADR) (NYSE:NOK) and Foxconn\u2019s factories in the state. 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