Dixon forms 51:49 smartphone JV with vivo, gets govt approval
DIXON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Dixon Technologies has signed a JV agreement with vivo Mobile India to manufacture smartphones and electronic devices in India. Dixon holds 51% and vivo 49%, making the JV a Dixon subsidiary. Initial paid-up capital is INR 5 crore in the same ratio. Government of India approval received under Press Note 3 of 2020. Each party nominates 2 directors. The JV will handle part of vivo smartphone OEM orders and may serve other brands too. Completion targeted within 1 year.
Positive: marquee JV with vivo strengthens Dixon smartphone manufacturing footprint. JV Co will be a Dixon subsidiary, though initial capital is just INR 5 crore.