Dixon Technologies (India) Ltd. The shares rose more than 3% on Thursday after the company announced a partnership with Innovations Ltd., formerly known as Philips Lighting, creating lighting products and accessories.
The company has signed a binding term sheet to continue the joint venture in India as the original equipment manufacturer, according to a stock exchange filing.
The companies hold a 50% stake in the JV entities incorporated for this purpose. Neither Dixon nor meaning should be interested in each other, Filing said.
They finalize details regarding the JV, its governance, assessment, and other terms and conditions into a definitive agreement. This transaction is subject to the execution of these agreements and regulatory approval.
The proposed association will enhance Dixon Tech’s operational efficiency, supported by Signify’s process orientation and a strong understanding of lighting technology, said Vice Chairman and Managing Director Atul Lall.
Dixon Tech already manufactures appliances such as LED TVs, washing machines, LED bulbs, tube lights, and other home appliances such as lighters below. Mobile phones, wearables and hearing impairment, refrigerators, telecoms, IT hardware products.
