India's Solectron Centum Electronics Ltd., subsidiary of U.S.-based Solectron Corp., announced Monday that it is spinning off its electronic manufacturing services (EMS) unit.
The electronic equipment manufacturer said its shareholders would get one share in the new company, Solectron EMS India Ltd., and one share in it for every two shares held.
The share capital of 148 million rupees would now be equally divided between the two companies.
The Indian firm's managing director, Apparao Mallavarapu, would continue to lead Solectron after the spin-off, while Solectron Corp. would assume responsibility for the new entity, the company said.