Biggest Update! Dixon enters into JV with Imagine to design and manufacture wireless audio solutions
LINK - https://www.indiainfoline.com/article/news-top-story/dixon-enters-into-jv-with-imagine-to-design-and-manufacture-wireless-audio-solutions-in-india-122011800295_1.html
Dixon Technologies Ltd announced its Joint venture with Imagine for its flagship brand “boAt” to design & manufacture Wireless Audio Solutions in India. In this arrangement, both the companies will hold 50% equity shares each, of the Joint Venture company.
The JV partners will co-invest in the emerging Indian mobile accessory market, contributing towards “Make in India” in this category.
This association will enable the companies to meet the changing needs of customers by delivering aspirational, high-quality lifestyle-focused hearable solutions, backed by quality manufacturing and robust R&D.
“Dixon has been manufacturing wearables for boAt since the previous fiscal year and it’s a pleasure that our business relationship is getting cemented with this Joint Venture. Over the years, boAt has built strong brand equity, capitalizing on its early-mover advantage with strong growth momentum through its high-quality audio devices which are known for their style and efficiency. Through our partnership, we aim to provide boAt with a faster ability to scale up manufacturing in India with our low-cost structure, high quality, and superior execution track record. We strive to develop innovative products with boAt for not only the discerning Indian consumers but also for global markets,” commented Vice Chairman & Managing Director, Mr. Atul B Lall, on the arrangement.
Both Imagine and Dixon are devoted to developing and supporting the manufacturing ecosystem in India. Dixon’s excellent manufacturing capabilities combined with Imagine’s understanding & experience of the audio industry will facilitate an exquisite platform for electronic accessories design & manufacturing in India. The JV is focused on making a way for the “make in India” initiative with its main focus on quality assurance, product design, IP, and high-quality manufacturinng.
The scrip opened at Rs5,410 and is currently trading at Rs5,356 down by Rs30.25 or 0.56% from its previous closing of Rs5,386.25 on the BSE. It touched a intraday high and low of Rs5,439.80 and Rs5,356 respectively.
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