NEW DELHI: Corning, the world’s biggest specialty glassmaker for electronics and a top global supplier to companies such as Apple, Samsung, Xiaomi, Vivo, and Oppo, is coming to India with its core business.
Corning has entered into a joint venture for finished cover glass making with Noida-based Optiemus Infra, and the two companies are understood to be investing around Rs 1,000 crore in the initial phase for setting up a factory in Telangana. Glass, a key component in the manufacturing of smartphones as well as other products such as laptops, tablets, and watches, is currently imported to India.
According to the agreement between the two companies, Optiemus – which is a key telecommunications and electronics contract manufacturer – will have 70% stake in the JV, while Corning will own the remaining.
“It is a matter of great pride for us to actively contribute to the growing manufacturing ecosystem in the country. The JV has been initiated in line with PM Modi’s ‘Make in India’ programme and the ‘Atmanirbhar Bharat’ initiative, and we are committed to provide high-quality glass products for global and local brands,” Ashok Kumar Gupta, chairman of Optiemus Infracom, said. “… we intend to emerge as one of the top manufacturers of finished cover glass parts for use in mobiles and consumer electronic devices in the next five years.”
Government sources said that with specialised electronics glass work set to begin in the country, efforts will be made to “control imports” – including from countries with which India has FTAs. The JV also plans to seek incentives from the government for the high-technology project.
Calling it a strategic investment in manufacturing for smartphones and other electronic devices, Telangana industry minister K T Rama Rao said the JV is expected to begin production from next year and will see an investment of Rs 934 crore while resulting in the employment of 800 people.
Corning has entered into a joint venture for finished cover glass making with Noida-based Optiemus Infra, and the two companies are understood to be investing around Rs 1,000 crore in the initial phase for setting up a factory in Telangana. Glass, a key component in the manufacturing of smartphones as well as other products such as laptops, tablets, and watches, is currently imported to India.
According to the agreement between the two companies, Optiemus – which is a key telecommunications and electronics contract manufacturer – will have 70% stake in the JV, while Corning will own the remaining.
“It is a matter of great pride for us to actively contribute to the growing manufacturing ecosystem in the country. The JV has been initiated in line with PM Modi’s ‘Make in India’ programme and the ‘Atmanirbhar Bharat’ initiative, and we are committed to provide high-quality glass products for global and local brands,” Ashok Kumar Gupta, chairman of Optiemus Infracom, said. “… we intend to emerge as one of the top manufacturers of finished cover glass parts for use in mobiles and consumer electronic devices in the next five years.”
Government sources said that with specialised electronics glass work set to begin in the country, efforts will be made to “control imports” – including from countries with which India has FTAs. The JV also plans to seek incentives from the government for the high-technology project.
Calling it a strategic investment in manufacturing for smartphones and other electronic devices, Telangana industry minister K T Rama Rao said the JV is expected to begin production from next year and will see an investment of Rs 934 crore while resulting in the employment of 800 people.