Shares of Dixon Technologies may remain in focus after the company announced that it has received approval from the Government of India to proceed with a joint venture with HKC Overseas Limited, an affiliate of HKC Corporation Limited.
According to a regulatory filing, the approval was granted by the Ministry of Electronics and Information Technology (MeitY) under the provisions of Press Note 3 of 2020, which governs foreign investments from countries sharing land borders with India.
JV structure and ownership
Dixon Technologies had earlier executed a share subscription and shareholders’ agreement (SSHA) on August 16, 2025 with HKC Overseas Limited and Dixon Display Technologies Private Limited (DDTPL), which is currently a wholly owned subsidiary of Dixon.
Under the proposed structure:
- Dixon will hold 74% stake in the joint venture
- HKC Overseas will hold 26% stake
Once the transaction is completed, DDTPL will cease to be a wholly owned subsidiary and will become a joint venture company jointly owned by Dixon and HKC.
Manufacturing focus of the joint venture
The joint venture will focus on the development, manufacturing and distribution of display modules, including:
- Liquid crystal modules (LCM)
- Thin-film transistor liquid crystal display modules (TFT-LCD)
These components are widely used across multiple industries including:
- Smartphones
- Notebooks and laptops
- Televisions and monitors
- Automotive displays
- Industrial electronic devices
The project is expected to strengthen domestic electronics manufacturing and support India’s broader Make in India initiative by reducing dependence on imported display components.
Press Note 3 approval requirement
Press Note 3 requires government approval for investments from entities located in countries sharing a land border with India or where the beneficial owner is based in such countries.
The approval received from MeitY enables HKC Overseas to invest in Dixon Display Technologies as part of the proposed joint venture. However, the transaction remains subject to other conditions outlined in the shareholder agreement before it is fully completed.
The move is expected to boost India’s capabilities in advanced display manufacturing and strengthen the component ecosystem supporting sectors such as consumer electronics, automotive and industrial technology.