skip to content

Approved Under PLI, Optiemus Infracom Sells Rs 285 Crore Worth Asset

- Advertisement -

Optiemus Infracom is one of the 16 companies that were approved under the PLI scheme related to mobile phones production in India. The company noted that selling the asset was in best interest of the company

Optiemus Infracom has announced the sale of an asset worth Rs 285 crore. The proceeds of the same, as per the company, will be used in expansion of its mobile manufacturing business in India. The asset that the company sold, is located in Noida, Uttar Pradesh.

The company, which owns brands including Optisafe, Zen, Kult, Molife and Blackberry, is one of the 16 that have been given the go ahead to participate under the PLI scheme related to mobile phones production in India. It is also to be noted here that Optimemus had posted profit figures of Rs 4.50 crore for the quarter ended December 2020. The company had incurred a loss of Rs 7.69 crore during the same quarter in 2019.

- Advertisement -

Joint venture between Optiemus Infracom & Wistron Corporation

The Board of Optiemus Infracom had approved the purchase of 27,60,000 equity shares (19.91 per cent of the total share capital) of Optiemus Electronics last year. This purchase was done from Wistron Corporation. Once a joint venture between Wistron and Optiemus Infracom, the company is now said to completely managed and run by Optiemus Infracom.

Smartphone brands including the likes of Oppo, OnePlus, Blackberry, Micromax, LG and HTC are some of the clients of Optiemus Electronics. Interstingly, while Optiemus Electronics got the centre’s approval for PLI scheme under the tag of an Indian company, Wistron has got the same under the tag of an international company.

Wistron, following a major fight at one of its facility in India, had admitted that some workers at its Kolar district plant in Karnataka were not paid properly. The company had also noted about sacking a top executive. Tech-giant Apple had even put contract electronics manufacturer Wistron on probation for a certain period of time.

“The net proceeds of the above mentioned transaction will mainly be utilised towards expansion of mobile manufacturing business through Optiemus Electronics Limited, subsidiary company and to repay the existing loans and reduce interest burden,” noted the company in a filing recently.

India’s Prime Minister Narendra Modi had recently noted that different PLI Schemes would lead to production worth $520 billion over the next few years. Pointing toward the mobile phone PLI scheme, the Prime Minister had said, “Even during Pandemic, the sector manufactured goods worth Rs 35000 crore last year, saw a fresh investment of about Rs 1300 crore and created thousands of new jobs in this sector.”

India, as per a report by ICEA, exported electronics goods worth Rs 8,806 crore during December 2020. Mobile phones were the highest contributor in the segment comprising of 35 per cent of the value with an export value of IRs 3,061 Crore which is 50 per cent higher than December 2019.

Out of Rs 1.15 trillion worth of electronics components that India imported in 2019-20, 37 per cent were imported from China. Sanjay Dhotre, minister of State for Communications and Electronics and IT, had revealed these numbers in a written reply in Rajya Sabha.

The minister, citing data obtained from the Directorate General of Commercial Intelligence and Statistics (DGCI&S), had noted that India exported smartphone components worth Rs 56,039 crore during 2019-20. Out of the total amount, smartphone components worth Rs 25,441 crore were exported from China.

- Advertisement -

Most Popular Articles

Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

Is Foxconn Navigating Partnerships Amid Honda-Nissan Merger Breakdown?

0
Amidst Honda-Nissan merger talks stalling, Foxconn reportedly pursues potential partnerships with Nissan and Renault, eyeing a major shift in the global EV automotive landscape. Recently,...

Rupee Slump Sparks Price Hikes In Electronics, EVs

0
As the Indian rupee plunges against the dollar, electronics and EV sectors raise prices to offset import costs, highlighting the urgent need for greater...

New DRDO-Adani Counter-Drone System Debuts At Aero India

0
With advanced defence tech to counter evolving aerial threats, DRDO and Adani Defence unveiled a cutting-edge counter-drone system at Aero India 2025. On Tuesday,...

Enfabrica Launches New AI R&D Centre In Hyderabad

0
A new R&D facility in Hyderabad? To boost AI networking innovation, targeting Generative AI and scaling GPU clusters, with plans for workforce expansion, US'...

Eastman, Urja Mobility To Power Electric Three-Wheelers

0
Integrating IoT and software solutions for enhanced mobility, Eastman Auto partners with Urja Mobility to supply batteries for electric three-wheelers in India. On Tuesday,...
Anshuman Divyanshu, CEO, Exicom

“Our Chargers Are Fully Interoperable and Compatible with All Vehicles” – Anshuman Divyanshu, Exicom

0
Battery safety and longevity, the effects of charging and discharging, and various safeguards and features are among the most critical considerations for a battery...
Khushal Panchal,  chief operating officer (COO), PCB Power

“We Differentiate Ourselves By Producing Radio Frequency PCBs For Wireless Communication Devices” – Khushal...

0
With technology and policy support, Indian PCB manufacturing is at a turning point. Can innovation and scale match global giants? PCB Power leads the...
Jayesh Ranjan IAS, Special Secretary, Department of Industries and Commerce and ITE&C, Government Of Telangana

“To Compensate For Telangana’s Lack Of A Wet Port,Our Incentives Help ESDM And Semiconductor...

0
Despite logistics challenges, how is Telangana securing billion-dollar investments in electronics? Will the state unveil a new semiconductor policy soon? Jayesh Ranjan, IAS, from...
Shrinivas Kulkarni CFO, Cyient DLM

“Acquisitions That Help Address Gaps In Our Design Capabilities….. Interest Us” – Shrinivas Kulkarni,...

0
Over the past five years, Cyient DLM (formerly Rangsons Electronics), a subsidiary of Cyient Limited, has rapidly expanded its footprint in the design-led manufacturing...
Akshay-Kashyap-of-Greenfuel-Energy

“Many Companies Avoid Pack Testing And Validation Because It Is Time-Consuming” – Akshay Kashyap,...

0
Battery pack reliability goes beyond cell quality—it relies on precise engineering, thorough testing, and tailored thermal management. In a conversation with EFY’s Nitisha Dubey,...

Meridian Joins Altair’s Startup Programme To Boost UAV Tech

0
Eyeing to drive innovation in UAVs and hybrid power tech with simulation tools and expert support, Altair teams up with Meridian Flight Systems in...

Mitsubishi Electric Acquires Stake In Itanta Analytics Startup

0
Aiming to boost manufacturing digitalisation and efficiency with simplified automation solutions, Mitsubishi Electric India invests in Itanta Analytics to develop no-code data analysis tools....

Union Budget 2025-26: What It Has For The Electronics Sector?

0
With reduced and exempted duties, tax relief for manufacturing, and increased support for startups, this Budget addresses a broader range of issues within the...

IndiaAI Mission Expands To 18,693 GPUs For R&D

0
Aiming to support R&D and ethical AI, Union Minister Ashwini Vaishnaw announced the expansion of IndiaAI’s GPU infrastructure to 18,693 to benefit startups and...
Sambit Parida, CTO and Co-Founder of IG Drones

Innovative Drone Technologies from IG Drones Driving Efficiency Across Sectors

0
Haryana-based IG Drones develops advanced surveillance, agriculture, and defence technologies, focusing on improving adaptability and operational precision. Founded in 2018 by Om Prakash and Bodhisattwa...

Industry's Buzz

Learn From Leaders

Startups