Optiemus Infracom plans to invest Rs 285 cr in expansion of mobile manufacturing

The company sought shareholders approval to sell commercial property in Noida in overall consideration of Rs 285 crore to Kailash Darshan Housing Development Gujarat Pvt Ltd.The net proceeds of the above-mentioned transaction will be utilised towards the expansion of mobile manufacturing business directly or indirectly itself or through subsidiary, viz Optiemus Electronics Limited, to take maximum advantage of production-linked incentive scheme, Optiemus Infracom said in a regulatory filing on Thursday.

Electronic contract manufacturer Optiemus Infracom has sought shareholders' nod to sell a real estate asset to raise Rs 285 which the company plans to invest in expansion of mobile manufacturing facility. The company sought shareholders' approval to sell commercial property in Noida in overall consideration of Rs 285 crore to Kailash Darshan Housing Development (Gujarat) Pvt Ltd.

''The net proceeds of the above-mentioned transaction will be utilised towards the expansion of mobile manufacturing business directly or indirectly itself or through subsidiary, viz Optiemus Electronics Limited, to take maximum advantage of production-linked incentive scheme,'' Optiemus Infracom said in a regulatory filing on Thursday. The government on April 1 notified three schemes -- the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), the Modified Electronics Manufacturing Clusters (EMC 2.0), and the production-linked incentive (PLI) for large-scale manufacturing.

The three schemes jointly offer incentives of around Rs 50,000 crore spread over a period of five years. Optiemus Infracom and Wistron jointly made mobile phones for LG, Blackberry, HTC, Oppo, OnePlus through their joint venture Optiemus Electronics.

Optiemus Infracom has now purchased the entire stake of Wistron in Optiemus Electronics. The voting on the proposal will start from December 25 and end on January 23, 2021, according to the filing.