Optiemus Infracom has competed sale of one of its real estate assets in Noida for Rs 285 crore, which it plans to invest in expansion of mobile phone production business. 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.
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. The net proceeds of the said mentioned transaction will mainly be utilised towards expansion of mobile manufacturing business through Optiemus Electronics, subsidiary company and to repay the existing loans and reduce interest burden.
Optiemus Infracom is engaged in leasing, equity trading, equity research, and loan syndication services. The company is also in the business activities of Renting of Immovable Property, Telecommunications - Mobiles handset and Accessories.
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