Optiemus Infracom has plans to raise Rs 285 crore from sale of one of its buildings in Noida to Kailash Darshan Housing Development (Gujarat) Private Limited, which the company plans to utilise towards mobile manufacturing business, repay the existing loans and reduce interest burden and for general business purpose.
A focussed approach to industrial policy, to lower input costs, improvised ease of doing business across sectors will specifically help in catalyzing the growth of India’s manufacturing value chains.
Electronics contract manufacturer Optiemus Infracom is setting up a new factory for mobile manufacturing in Noida, which is expected to be operational by early February, a top official of the company said on Friday.
The company has plans to raise Rs 285 crore from sale of one of its buildings in Noida to Kailash Darshan Housing Development (Gujarat) Private Limited, which the company plans to utilise towards mobile manufacturing business, repay the existing loans and reduce interest burden and for general business purpose.
“We are setting up a new world-class factory in Noida. Our old plant is also operational but now clients want the latest technologies. We have ordered new machines for our new plant which is expected to be operational from February 1, 2020,” Optiemus Infracom chairman Ashok Kumar Gupta told PTI.
Optiemus Infracom and Wistron jointly made mobile phones for LG, Blackberry, HTC, Oppo, OnePlus, JioPhones through their joint venture Optiemus Electronics.
Optiemus Infracom has now purchased the entire stake of Wistron in Optiemus Electronics.
Gupta said that some of the old clients are coming back to the company with new terms and conditions to meet production link incentive (PLI) scheme criteria.
Optiemus is one of 16 entities whose proposal under the PLI scheme has been approved by the government.
The PLI scheme for large scale electronics manufacturing was notified on April 1, 2020.
It extends an incentive of 4 to 6 per cent on incremental sales (over base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (2019-20).
The other companies whose proposals have been approved include iPhone maker Apple’s contract manufacturers Foxconn Hon Hai, Wistron and Pegatron, apart from Samsung and Rising Star.
Domestic companies whose proposals have been approved include Lava, Bhagwati (Micromax), Padget Electronics (Dixon Technologies) and UTL Neolyncs.
“We will catch up with PLI requirements for next fiscal year. Under new terms and conditions, commitment is very important. We are signing watertight agreements with clients,” Gupta said.