Electronics contract manufacturer Optiemus Infracom has completed the sale of one of its real estate assets in Noida for Rs 2.85 billion. The company is planning to invest this amount in the expansion of mobile phone production business.

Earlier, the company had announced that it was in process of setting up a new plant.

As per industry sources, Optiemus is one of 16 entities whose proposal under the Production Linked Incentive (PLI) scheme has been approved by the government. The PLI scheme for large-scale electronics manufacturing was notified on April 1, 2020.

Prior to this, Optiemus Infracom and Wistron were jointly making mobile phones for LG, Blackberry, HTC, Oppo, OnePlus, JioPhones through their joint venture Optiemus Electronics. However, now Optiemus Infracom has purchased the entire stake of Wistron in Optiemus Electronics.