Corning International to make cover glass in India in partnership with Optiemus

Electronics manufacturing services company Optiemus Infracom and Corning International will set up India's first manufacturing facility for producing high-quality finished cover glass parts for mobile and consumer electronics, according to a regulatory filing.

According to the filing, Optiemus Infracom will own a 70 per cent stake in the proposed joint venture and Corning will subscribe to 30 per cent of the paid-up share capital of the joint venture (JV).

The Board of Directors of the Company at its meeting held on September 1 ''accorded its approval to enter into Joint Venture Agreement with Corning International Corporation'', Optiemus said in the filing..

The terms of the JV include lock-in period of five years which bars both promoters from transferring stake or voting rights to third party for a period of five years.

Optiemus Infracom, Chairman, Ashok Kumar Gupta in a statement said that the plant is expected to start operating from next year..

''We are committed to make available world-class high-quality products for global and local brands. Embarking on this new journey, we intend to emerge as one of the top manufacturers of finished cover glass parts for use in mobile consumer electronic devices in the next five years,'' Gupta said.

Optiemus will apply for government incentive schemes that it will leverage for the JV.