Nokia's Windows Phone 7 device coming this year

It was reported that Nokia was probably waiting for Mango update from Microsoft. This announcement puts all speculation at rest.

Finnish handset maker Nokia has started working on its first smartphone based on the Microsoft software.
While confirming this, Stephen Elop, chief executive officer of Nokia, has also refuted speculation that a Microsoft acquisition of the company is inevitable.

Stephen Elop has indicated that the first Nokia smartphone based on Windows 7 platform may be launched later this year, and could hit the markets as soon as 2012.
Reports suggest Nokia has been paid $1 billion (about Rs 4,500 bn) by Microsoft to adopt the Windows Phone 7 platform. There is an outside chance that some low end phones might also end up getting the operating system, as it enjoys massive production facilities unrivalled by others.
The clarification from Elop assumes significance as earlier it was reported that Nokia was waiting for the Mango update from Microsoft for Windows Phone 7 and hence work on the devices would only begin in 2012.source:themobileindian.com