Optiemus Infracom to invest ₹21 crore in BIGTech subsidiary
Optiemus Infracom Limited announced on Monday that it will invest ₹21 crore in its joint venture subsidiary, Bharat Innovative Glass Technologies Private Limited (BIGTech), by subscribing to a rights issue.
The shares of Optiemus Infracom Limited were trading at ₹453.55 up by ₹1.25 or 0.28 per cent on the NSE today at 12.12 pm.
The Operations and Administration Committee of Optiemus’s Board approved the acquisition of 2.1 crore equity shares at ₹10 per share, maintaining the company’s 70 per cent stake in BIGTech. The transaction is expected to be completed within 120 days.
BIGTech, incorporated in October 2023, is a joint venture between Optiemus Infracom and Corning International Corporation, a US-based company. The subsidiary is currently setting up a manufacturing facility in Tamil Nadu to produce finished cover glass for mobile consumer electronic devices.
According to the regulatory filing, the investment aims to support BIGTech’s manufacturing setup and business-related expenses while maintaining Optiemus’s ownership and control in the joint venture. The company noted that the investment would enhance brand image and create value for stakeholders.
BIGTech reported no turnover for the fiscal year ending March 31, 2024, as it was still establishing its manufacturing operations. The subsidiary had a net worth of ₹7.8 lakh as of the same date.
