Nothing has decided to convert its budget-device sub-brand CMF into an independent unit. To support this, it is teaming up with Optiemus Infracom, an Indian electronics manufacturing firm, in a joint venture. The plan is to invest over USD 100 million over the next three years in India.
Through this JV, India will host the R&D, manufacturing and global operations for CMF. The goal is also to create more than 1,800 new jobs in India during that period. At the facility in Noida, they plan an initial production capacity of about 500,000 phones per month.
Optiemus will hold a majority stake (65 %) in the joint venture. Nothing has already invested more than USD 200 million in India earlier, showing that it views India as a strategic base.
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