1 min read.Updated: 05 Mar 2021, 09:54 PM ISTAgencies
The company said the sale of the real estate asset is in the overall best interest of the company as after exiting from its non-core asset
Optiemus Infracom, an electronics contract manufacturer on Friday announced completion of sale of one of its real estate assets in Noida for ₹285 crore. "...this is to inform you that after obtaining approvals from shareholders and other concerned authorities, the execution of sale and transfer of land together with structures/building of the company...has been completed on March 04, 2021 for a total consideration of ₹285 crore," Optiemus Infracom said in a regulatory filing.
The company said the sale of the real estate asset is in the overall best interest of the company as after exiting from its non-core asset, the company will now mainly focus on its core business of manufacturing of mobile and other mobility products to achieve maximum advantage of the PLI scheme.
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 1 April, 2020.
"The net proceeds of the above mentioned transaction will mainly be utilised towards expansion of mobile manufacturing business through Optiemus Electronics Limited, subsidiary company and to repay the existing loans and reduce interest burden," the filing said.
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.
Optiemus Infracom chairman Ashok Kumar Gupta had earlier told PTI that the company was in process of setting up a new plant.