Nokia, Guangzhou Power Tech Form Telecom JV in Changsha
September 08, 2006
Nokia and Chinese Guangzhou Power Tech have jointly invested 60 million RMB (US$7.6 million; US$1 = 7.9 RMB) in setting up a joint venture in the Changsha New and High-tech Development Zone of China's Hunan province. Named Hunan Huanuo Technology, the new company is capitalized at 30 million RMB (US$3.8 million), with Guangzhou Power Tech holding a 51% stake and Nokia the remaining 49%. In addition to technical support for the development of China's cellular systems, network engineering, technical training, software development and maintenance, consulting service, and project management will also be included among Hunan Huanuo Technology's operations.