Dixon, Bharti to form JV; eye PLI-scheme for making telecom products
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Deven Khanna, Group Director, Bharti Enterprises mentioned, “With Dixon’s excellent track record in manufacturing industry & Bharti’s deep expertise in Telecom, this venture will be well positioned to be a key player in its space.”
Electronic products maker Dixon Technologies on Wednesday mentioned it has signed a MoU with Bharti Enterprises to form a three way partnership so as to apply for the federal government’s production-linked incentive (PLI) scheme for manufacturing of telecom and networking products.
“Dixon’s wholly owned subsidiary- Dixon Electro Appliances Private Limited or any other Company identified by the parties will be the JV Company which will undertake manufacturing of telecom and networking products like modems, routers, set top boxes, IOT devices, etc for the telecom sector/industry, including Airtel,” the corporate mentioned in a regulatory submitting.
It added that the JV agency, during which put up the execution of mutually acceptable agreements, 74% will probably be owned by Dixon and 26% by Bharti Enterprises, will file essential purposes with the Ministry of Communications or every other nodal company to avail advantages underneath the PLI Scheme.
Saurabh Gupta, CFO, Dixon Technologies mentioned, “We see them [Bharti] as our ideal long-term strategic partner who shares our core values: focus on quality, engineering prowess, innovation and customer satisfaction & we intend to leverage each other’s strengths to manufacture telecom and networking products.”
Deven Khanna, Group Director, Bharti Enterprises mentioned, “With Dixon’s excellent track record in manufacturing industry & Bharti’s deep expertise in Telecom, this venture will be well positioned to be a key player in its space.”
The shares of Dixon Technologies (India) had been buying and selling up by 0.82% or ₹28.65 per share at ₹3,510.60 per share on BSE at 1.51 p.m.
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