Nothing to spin off CMF as India-based, majority Indian-owned company
Nothing will retain a stake and remain a partner in CMF, which will have its own team and R&D operations in India, co-founder and CEO Carl Pei said
British electronics firm Nothing plans to turn its sub-brand, CMF, into an independent Indian company for better value creation. CEO Carl Pei stated that CMF will be majority-owned by Indians, with its headquarters in India and local R&D operations. CMF, launched in 2023, aims to provide affordable design-focused tech. The move is aimed at shifting value addition from domestic assembly to product engineering and intellectual property development in India.
India currently contributes 18-20% to the value in electronics manufacturing, but the plan seeks to move beyond this. Formerly a joint venture with Optiemus, CMF's operations will now be fully under Indian ownership, including manufacturing, design, engineering, and R&D. Pei stated that the company aims to manufacture 100 million phones per year, aiming to influence its supplier ecosystem.
The policy in India also supports this shift, with increased funding for electronics manufacturing schemes. Several global manufacturers are also increasing their presence in India, including Foxconn and Tata Electronics for Apple's iPhone production.
Written by urgent.news from YourStory's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Nothing to spin off CMF as majority Indian-owned company yourstory.com
- CMF eyes becoming majority Indian-owned economictimes.indiatimes.com
