New Delhi, Sept. 21 -- Nothing CEO Carl Pei on Monday, September 21, announced that CMF will be spun out of Nothing and become a standalone Indian company. The new entity will be majority Indian-owned, headquartered in India and have its own team and R&D operations in the country. Nothing will retain a stake and continue as a partner.

The move signifies a new phase of the CMF, Nothing's less costly consumer technology brand. The company will transfer the existing engineering, software and supplier abilities to the new entity in India, Pei said. The long-term goal is to develop CMF into a global consumer technology company from India with an aspiration to sell 100 million phones per year.

The statement by Pei was in an open letter posted...