New Delhi, April 25
Nokia today completed the sale of its handset business to software giant Microsoft, keeping the Chennai manufacturing plant, one of its largest facilities, out of the deal.

The Finnish handset maker expects the value of the transaction, which was completed after a month's delay, to be slightly higher than the earlier announced 5.44 billion euros (about $7.2 billion) after final adjustments based on the verified closing balance sheet, Nokia said.

The firm had agreed to sell almost all of its Devices and Services (D&S) business to Microsoft in September last.

Welcoming the completion of the deal, Microsoft CEO Satya Nadella reiterated the focus of the Redmond-headquartered firm on a "mobile-first, cloud-first world," according to a statement from the US company.

"With the Nokia mobile phone business, Microsoft will target the affordable mobile devices market, a $50 billion annual opportunity," it said.

Nokia said the Chennai manufacturing plant will manufacture devices for Microsoft under a service agreement.

The deal also excludes Nokia's plant in Masan, South Korea, which has about 200 employees and will be closed.

"The company plans to bring to Chennai and Masan elements of its Bridge program, which we have made available for employees affected by company changes in other sites," the firm added.

"Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation," Nadella said.

Former Nokia CEO Stephen Elop will serve as executive vice-president of Microsoft Devices Group and report to Nadella.

New Delhi, April 25
Japanese telecom firm NTT DoCoMo Inc today said it will exit its loss-making mobile phone joint venture with Tata Group by selling its 26% stake.

Japan's largest wireless carrier by subscribers wants to sell the entire 26.5% stake in Tata Teleservices it had bought for 266.7 billion yen ($2.61 billion) in 2009 and 2011. Tata Group is likely to buy the stake.

In a press statement, DoCoMo said "its Board of Directors resolved today to exercise option for the sale of the company's entire stake (124.9 crore shares, or about 26.5% stake) in Tata Teleservices Ltd (TTSL)."

Under the March 2009 agreement between DoCoMo, TTSL and Tata Sons Ltd — Tata Group's holding company, the Japanese firm "holds the right to require that its TTSL shares be acquired for 50% of the acquisition price, which amounts to 72.5 billion Indian rupees (or 125.4 billion yennotice1) or a fair market price, whichever is higher, in the event that TTSL fails to achieve certain specified performance targets." "In the event that TTSL fails to achieve these performance targets by the end of the fiscal year ended March 31, 2014, DOCOMO plans to exercise the above-mentioned right in or before June 2014," the statement said.

DoCoMo expects to sell its TTSL shares in accordance with the agreement. — PTI

Washington, April 25
Facebook has launched FB Newswire, with the aim to make it easier for journalists and newsrooms to find, share and embed newsworthy content from the popular social networking website in their work.

The FB Newswire is a Facebook page of hand-selected and journalist-verified news stories from across Facebook's platform, according to Andy Mitchell, director of news and global media partnerships at Facebook.

The newswire is designed to help journalists share and embed newsworthy Facebook content that is made public by its members such as photos, status updates and videos.

"Every day, news is made on Facebook. More than one billion people use our platform to discover, explore and participate in news-making events around the world," said Mitchell.

"Today, we're excited to announce FB Newswire, a resource that will make it easier for journalists and newsrooms to find, share and embed newsworthy content from Facebook in the media they produce," Mitchell said.

Powered by Storyful, that is involved in social content discovery and verification for newsrooms, FB Newswire aggregates newsworthy content shared publicly on Facebook by individuals and organisations across the world for journalists to use in their reporting. — PTI

New Delhi, April 25
Maruti Suzuki India today posted a 35.46% decline in net profit to Rs 800.05 crore in the fourth quarter ended December 31.

For the full financial year 2013-14, it registered its highest annual net profit.

Net sales in the quarter declined 9.48% to Rs 11,818.13 crore from Rs 13,056.26 crore a year earlier, Maruti Suzuki India said.

Lower volumes, higher sales promotion expenses and payment of compensation to dealers due to a reduction in excise duty affected the bottom line during the quarter, the company said.

"The lowering of profit in the fourth quarter was partly due to dealer compensation due to excise duty cut," Maruti Suzuki India chairman RC Bhargava said. The compensation to dealers worked out to Rs 143 crore.

New Delhi, April 25
Industry body Assocham in its recommendations to the Tax Administration Reform Commission (TARC) has suggested that litigation in tax matters be reduced, guidelines should be issued on controversial issues and the frequency of changes in compliance requirements be reduced.

Assocham submitted its recommendations to Parathasarthi Shome, chairman, TARC, yesterday. The TARC has been set up to look into the issue of tax reforms. The discussions centred around the process of changing the way taxes are collected and managed by the government.

Assocham said compliance requirement per se may not be a hurdle for the taxpayers but it is the frequency of changes in compliance requirements and the ambiguity which impede the taxpayers. It said if a statutory form is revised the intent should be explained.

The chamber has recommended that the Revenue Department set up committees consisting of senior officers who could examine such cases which are pending and contest only those cases where they are of the view that there is substance in the initiation or levy of penalty.

It said rampant litigation has unfortunately hit the investment since the appeal process in India is lengthy and expensive.

Assocham has recommended that tax authorities need to come up with guidelines on controversial issues so as to clarify the revenue department’s stand and intention.

BRIEFLY

Intex launches touch smartphone for Rs 4,990
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Google+ chief quits
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DLF to raise Rs 900 cr; Crisil gives stable rating
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FCI invites bids for Rs 20,000-cr loan
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