Optiemus Infracom completes buyout of shares in JV from Wistron

Optiemus Infracom on Thursday said it has completed the acquisition of 19.91 per cent stake in joint venture Optiemus Electronics Ltd (OEL) from Wistron Corporation.

In December last year, Optiemus Infracom's board had approved the decision to acquire 27.6 lakh shares of OEL to strengthen ownership and control.

Optiemus Infracom previously held 80.09 per cent stake in OEL.

After the acquisition of 19.91 per cent stake, OEL has become a wholly-owned subsidiary of Optiemus Infracom, a statement said.

Also, after acquisition of the said shares, the joint venture agreement with Wistron has ceased to be effective, it added.

''This acquisition is aimed to drive value creation for all the stakeholders by strengthening the ownership and work towards enhancing the brand image of Optiemus. It will also help us in foraying into new business verticals besides building up the existing business verticals,'' Optiemus Infracom Chairman Ashok Kumar Gupta said.

This will result in mitigation of associated business risk and achievement of greater financial flexibility and earnings, he added.

OEL is engaged in manufacturing of telecom products in India. It provides a complete end-to-end solution to global and Indian brands, encompassing manufacturing infrastructure, distribution, retail and after sales.

The current manufacturing facility of OEL is located in Noida, Uttar Pradesh.

With sizeable investments lined up, OEL aims to further enhance its manufacturing and design capabilities.

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