Optiemus Infracom Limited has informed the Exchange about Acquisition
OPTIEMUS · price
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Optiemus Infracom's Operations and Administration Committee approved subscribing to a rights issue of Bharat Innovative Glass Technologies Private Limited (BIGTech), its joint venture with US-based Corning International Corporation. The company will invest ₹25.20 crore to acquire 2.52 crore equity shares at ₹10 each, maintaining its 70% shareholding in BIGTech. BIGTech, incorporated in October 2023, is setting up a manufacturing facility in Tamil Nadu to produce cover glass for mobile consumer electronic devices. The entity had nil turnover and a net worth of just ₹7.80 lakhs as of March 2024, as it is still in the setup phase. The transaction is a related-party deal done at arm's length and is expected to complete within 120 days.
This is a strategic capital infusion into Optiemus's high-potential JV with global glass leader Corning, which could create long-term value if BIGTech's manufacturing facility takes off. For now, near-term impact on Optiemus is limited as the subsidiary is pre-revenue and the investment size (₹25.2 crore) is modest relative to the parent company. Shareholders should watch for execution milestones at the Tamil Nadu plant.