3 hrs ago

Nothing Plans CMF Spin-Off as Indian-Majority Smartphone Company

Nothing to spin off CMF as standalone Indian business; Optiemus to acquire 51.1% controlling stake; details here · livemint.com

Nothing wants to turn CMF into a separate smartphone company.

Optiemus Infracom, an Indian company, will own 51.1% of the proposed new business.

That means Optiemus will have control of the company.

Nothing will still own part of it but will not run it.

Optiemus will also invest in CMF’s next funding round.

The companies plan to keep manufacturing and research and development in India.

Carl Pei said India should create global consumer technology brands, not just manufacture products.

The plan supports India’s broader effort to expand local electronics manufacturing.

Key facts

Controlling stake: Optiemus Infracom will acquire 51.1% of the proposed CMF joint venture.
Future ownership: CMF is intended to become a smartphone company majority-owned by Indian investors.
Nothing’s role: Nothing will remain a shareholder but will not participate in management after the restructuring.
Funding: The Optiemus Group will participate in CMF’s Series A funding round.
Operations: Manufacturing, ownership, and research and development are planned to be brought together in India.
Indian smartphone production: Carl Pei said approximately 99% of smartphones sold in India are produced domestically.
Government support: The Mobile Phone Manufacturing Scheme was approved with an outlay of ₹62,500 crore.

livemint.com · 3 hrs ago