Government wants to promote the domestic telecom equipment industry by keeping out Chinese vendors. But that's easier said than done

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The dispute between Finnish telecom firm Nokia and the Income Tax Department - one of the biggest involving a multinational company - has finally been settled.

In a burst of action, the 90 year old organisation is being restructured to make it more nimble. A digital initiative raymondnext.com is meant to counter the threat from e-tailers.

The contract will ensure supplies of 10 million tonnes per annum of crude oil and feedstock to Essar's Vadinar refinery over a period of 10 years

Essar Oil, part of the country's diversified Essar Group, now requires approval from the BSE to go ahead with the delisting process, first approved by its board in June last year.

Two sources with knowledge of the deal said discussions between the two sides over the 400,000 barrel per day (bpd) refinery began in December, when Essar signed a deal to buy 200,000 bpd oil from Rosneft for a decade.

Essar Group promoter Anshuman Ruia, facing trial in a case arising out of the 2G scam probe, has been denied permission to travel abroad with a special court rapping him for wasting its time by submitting obscure documents.

The firm withdrew from Delhi High Court its plea seeking permission to urgently sell its mobile manufacturing unit in Chennai, saying the proposed buyer has backed out.

Essar Group on Thursday said it is no longer interested in buying Nokia's Chennai mobile manufacturing unit.

\"We are involved in the process of standardisation of 5G network and we will decide closer to the date from which country and plant we should produce those products. Chennai plant is also an option\", the firm said.

In a joint announcement, the companies said, \"There can be no certainty at this stage that these discussions will result in any agreement or transaction.\"

Studies have shown that as many as 70% people who get a windfall lose it within a few years. It is, therefore, important to create a regular income stream.

\"The Prime Minister (Narendra Modi) took initiative to resolve Nokia factory issue so that mobile manufacturing can be restarted in its Chennai plant,\" a source told PTI.

Prime Minister Narendra Modi is expected to review his much-hyped 'Make in India' campaign on December 29. Has any progress been made thus far?

Nokia's Chennai plant is locked in a legal dispute with the state government which slapped Rs 2,500 crore tax demand.

The phone is powered by a quad-core processor clocked at 1.3GHz which works in tandem with 8GB of ROM and 1GB of RAM.