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Indian government approves Nokia's joint venture with HCL Inforsystems Limited

The Foreign Investment Promotion Board has approved Nokia's proposal to invest and own a 51% stake in the venture with HCL Infosystems Limited, the Indian government said in a statement Monday (27 April). Foreign investments in India need the board's approval.

Nokia had entered into a contract with HCL Infosystems subsidiary HCL Infocomm to set up exclusive retail outlets to sell handsets and services directly to consumers in India. Nokia will hold a 51 percent stake in the joint venture with HCL. The venture will set up flagship Nokia handset stores and virtual Nokia Music stores. It will also sell Nokia's Vertu handsets and consumer services under the Ovi brand. Nokia will import new handsets, particularly those not manufactured in India, along with Nokia-branded accessories such as Bluetooth headsets, chargers, headphones and memory cards and sell them through the single-brand retail stores.Vertu handsets will be sold through single-brand retail stores and Ovi services would be sold through both retail stores and directly through the internet.
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