Dixon Technologies (India) engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India, has entered into Joint Venture Agreement (JV Agreement) with Imagine Marketing for its brand ‘boAt’. Pursuant to the said JV Agreement, the proposed JV Company will be 50% owned by Dixon and 50% owned by Imagine.
The proposed JV Company will undertake design & manufacturing of Wireless Audio Solutions in India & the JV partners will co-invest in the evolving Indian mobile accessory market, thereby paving the way towards ‘Make in India’ in this category.
The association will enable the companies to meet the evolving needs of customers by delivering high-quality and aspirational lifestyle focused hearable solutions, backed by quality manufacturing and robust R&D. Imagine and Dixon are committed towards developing and supporting the manufacturing ecosystem in India.
Imagine’s understanding of the audio industry combined with Dixon’s manufacturing capabilities will facilitate a vibrant platform for electronics accessories design and manufacturing in India. With a focus on IP, product design, quality assurance and high-quality manufacturing, the joint venture is aimed at paving the way towards the ‘Make in India’ initiative.
Shares of the company declined Rs 147.25 or 2.73%, to trade at Rs 5,239. The total volume of shares traded was 9,404 at the BSE (3.20 p.m, Tuesday).
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