Dixon Technologies (India) Ltd has signed a binding term sheet with Signify Innovations India Ltd, a leading player in the lighting segment, to establish a 50:50 joint venture for manufacturing lighting products and accessories. The JV will focus on undertaking OEM (Original Equipment Manufacturing) orders, including a portion of Signify’s existing OEM business in India as well as catering to other brands.
As part of the arrangement:
- Dixon will transfer its lighting business, including shares of its subsidiary Dixon Technologies Solutions Pvt Ltd, to the JV.
- Signify will infuse cash into the JV, which will be used to acquire its LED manufacturing operations.
The proposed JV aligns with the Make in India initiative and aims to boost domestic manufacturing capabilities in lighting technology. Both companies will hold equal ownership, and neither will hold stake in the other.
Atul B. Lall, Vice Chairman and MD of Dixon, stated:
“We see Signify as an ideal strategic partner. This JV will enhance operational efficiency and build on Signify’s lighting expertise and our manufacturing strengths.”
Sumit Joshi, MD and CEO of Signify India, added:
“This collaboration with Dixon will help build a world-class manufacturing base in India with competitive offerings and cutting-edge technology.”
The transaction is subject to the execution of definitive agreements and required regulatory approvals. Dixon’s move further solidifies its position in the lighting business, expanding its footprint in India’s fast-growing OEM segment.
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