CMF, Optiemus to invest $100 million in India JV; to create 1.8K jobs

CMF and Optiemus Infracom will invest $100 million in a JV that makes India the base for operations, R&D and manufacturing, creating 1,800 jobs and a global export hub

Nothing, the London-based technology company, said on Thursday that CMF, previously its sub-brand, has formed a joint venture (JV) in which Optiemus Infracom will hold a 65 per cent stake and make India its base for operations, research, and manufacturing.

 

Both companies will together invest $100 million and create over 1,800 jobs in India over the next three years. The JV will make India a global production and export hub for Nothing and CMF products at a manufacturing unit being set up in Noida. Nothing has already invested over $200 million in the country, CMF said in a press release.

 

The initial capacity of the manufacturing facility will be 500,000 phones a month. Nothing currently controls two per cent of the Indian market and sells 7 million phones across the world.

 

The manufacturing unit is not dependent on the production-linked incentive scheme and will also make phones for other players.

 

Carl Pei, chief executive officer of Nothing, said: “India will play a key role in shaping the future of the global smartphone industry. CMF has been well received by the market since we launched it two years ago. With our end-to-end capabilities, we are uniquely positioned to now build it into India’s first truly global smartphone brand. Our joint venture with Optiemus is a key milestone toward making that vision a reality.”

 

Optiemus brings engineering and production capabilities. Its expertise in supporting global brands and establishing robust manufacturing and export opportunities further strengthens India’s position as a global hub for electronics manufacturing, the release said.

 

India is at the centre of CMF's global operations. It has appointed Himanshu Tandon as vice-president of CMF Business.

 

Ashok Gupta, executive chairman of Optiemus, said: “We are extremely excited about this partnership with Nothing; it will allow us to further strengthen our world-class manufacturing capabilities for the products of today and tomorrow."

 

"This partnership goes beyond high-tech manufacturing - it will empower us to create export-ready products that will be designed in India, showcasing the innovation and talent of our people to the world in the coming years,” he said.