Dixon's wholly owned subsidiary - Dixon Electro Appliances or any other company identified by the parties will be the JV company, which will undertake manufacturing of telecom and networking products like modems, routers, set top boxes, IOT devices, etc for the telecom sector/industry including Airtel.
The said JV company will file necessary applications with the Ministry of Communications or any other nodal agency to avail benefits under the PLI scheme of Government of India.
Post execution of mutually acceptable agreements by the parties, the JV company will be 74% owned by Dixon and 26% owned by Bharti Enterprises.
Dixon Technologies (India)'s consolidated net profit jumped 134.2% to Rs 61.59 crore on a 119.6% surge in net sales to Rs 2,182.78 crore in Q3 FY21 over Q3 FY20.
Dixon Technologies (India) is a design-focused products and solutions company. The firm engages in manufacturing products in the consumer durables, lighting and mobile phones markets in India.
Shares of Dixon Technologies (India) gained 0.74% to Rs 3,507.85 on BSE.