Multibagger stock Dixon Technologies witnessed an over 3% rise in intra-day deals on Thursday, March 27, after the firm announced plans to form a joint venture (JV) to foray into the business of lighting products and accessories.
In an exchange filing today, Dixon Tech said it has entered into a binding term sheet with Signify Innovations India Limited to form a joint venture for carrying out the OEM business of lighting products and accessories, subject to signing of definitive agreements, receipt of applicable statutory approvals and completion of customary conditions precedent.
Dixon added that both companies will hold 50% of the share capital in the proposed joint venture entity. Neither Dixon nor Signify will have any stake in each other, it clarified.
The said joint venture will undertake part of Signify’s OEM orders of lighting products in India, and will also engage in the OEM business of various lighting products of other brands.
