Nothing is transforming its CMF division into a standalone, majority Indian-owned company with an ambitious goal to manufacture 100 million smartphones annually, shifting from manufacturing to innovation in India.
CMF is being reshaped from a sub-brand into a standalone company with a majority Indian ownership structure, according to a series of reports citing Carl Pei, the chief executive of Nothing. The business will be headquartered in India and run with its own local team, while Nothing keeps a stake and remains involved as a strategic partner.
The move adds a new layer to a plan first outlined in September 2025, when Nothing said CMF would be set up as an independent entity based in India. Business Standard and Mint reported that the latest version of the plan goes further by making Indian shareholders the majority owners, with CMF also building its own engineering and research and development capability in the country. Nothing is expected to contribute software, engineering expertise, supplier links and broader brand support.
Pei’s comments suggest the objective is no longer limited to local assembly. The company wants CMF to develop products, technologies and intellectual property in India, reflecting a shift from “Make in India” towards what he sees as design and engineering created in India. The long-term ambition remains bold: a target of shipping 100 million smartphones a year under the CMF name.
The restructuring also sits alongside Nothing’s wider manufacturing push in India. Reuters has previously reported on the company’s joint venture with Optiemus Electronics, which is meant to channel more than $100 million into Indian production over three years and create more than 1,800 jobs. Together, the manufacturing deal and the CMF spin-off point to a broader strategy: using India not just as a production base, but as a centre for product development and export growth.
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