Nokia has today signed an agreement with a newly formed company named novero GmbH on the divestment of Nokia's line fit automotive business. novero is owned by Razvan Olosu, the former head of Nokia's Enhancements unit, and Equity Partners GmbH, a German private equity firm that focuses on the acquisitions of companies in the lower mid-market in Germany.
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Following the signing of a memorandum of understanding (MOU) today, Chennai, in the state of Tamil Nadu, has been announced as the location of what will potentially be one of the largest automotive production sites in India, with an installed capacity of 400,000 units per year, seven years after its initial production. Automakers Mahindra and Renault will now be joined in this project by Nissan
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