Nokia cuts 300 jobs, outsources IT function to TCS, HCL Tech
As part of the restructuring process, Nokia announced the closure of its facilities in Ulm (Germany) and Burnaby (Canada) last year. It also sold its luxury brand Vertu to a private equity firm, EQT.
Besides, it sold its head office building in Espoo to real estate investment firm Exilion for 170 million euros (over Rs 1,218 crore).
The company ended the third quarter with gross cash of 8.8 billion euros, and a net cash position of 3.6 billion euros. Nokia Group's net sales in Q3 2012 stood at 7.2 billion euros, down from 7.5 billion euros in Q2 2012.
Meanwhile, in a separate statement, HCLT said its new agreement with Nokia includes functions like data centre, network management, end-user computing services and cross- functional service management.
HCLT has been delivering global service desk and desktop management outsourcing services for Nokia since 2009.
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