Nothing's budget brand CMF to become independent unit

The company will be headquartered in India.

Source: Nothing CEO Carl Pei

Over USD 100 million to be invested

Tech company Nothing has announced plans to spin off CMF, its more affordable brand, into a separate subsidiary.

Nothing CEO Carl Pei said the new unit will be based in India, with the country playing "a key role in shaping the future of the global smartphone industry."

In his recent visit to India, Pei said he discussed with government authorities the plan to establish CMF as a subsidiary headquartered in India.

With our end-to-end capabilities, we are uniquely positioned to bring this vision to life, he said.

In line with this, Pei announced Nothing's new manufacturing joint venture with Optiemus Electronics Limited, one of India’s leading technology manufacturers. Through this JV, we plan to invest over USD 100 million or around PHP 5.807 billion and create more than 1,800 jobs in India over the next three years.

Source: Nothing CEO Carl Pei