Dixon has entered into Joint Venture Agreement (JV Agreement) with Imagine Marketing Pvt Ltd 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.
Commenting on this occasion, Mr Atul B. Lall, Vice Chairman & Managing Director, stated that "Dixon has been manufacturing wearables for boAt since 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 their 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".
Shares of Dixon Technologies (India) Limited was last trading in BSE at Rs. 5386.25 as compared to the previous close of Rs. 5272.75. The total number of shares traded during the day was 30662 in over 5746 trades.
The stock hit an intraday high of Rs. 5407.95 and intraday low of 5254.20. The net turnover during the day was Rs. 164288983.00.