Dixon Technologies (India) Limited has responded to a clarification request from BSE Surveillance regarding news appearing on moneycontrol.com, reference letter number L/SURV/ONL/RV/SG/(2026-2027)/35 dated 17th June, 2026.
The company confirms that it entered into a Term Sheet with vivo Mobile India Private Limited on 15th December, 2024 to form a Joint Venture for carrying out the OEM business of electronic devices including smartphones. The transaction remains subject to signing of definitive agreements, completion of customary conditions precedent and receipt of applicable regulatory approvals including those required under foreign exchange control laws of India.
The company clarifies that as of 17th June, 2026, the requisite statutory approval for the transaction continues to be awaited and there are no material developments requiring additional disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The original announcement made on 15th December, 2024 disclosed that Dixon will hold 51% of the share capital and vivo India will hold 49% of the share capital in the proposed joint venture entity. Neither company will have any stake in each other.
The proposed facility will undertake part of vivo's OEM orders of smartphones in India, and can also engage in OEM business of various electronic products of other brands.
Management commentary from the original announcement included statements from Mr. Atul B. Lall, Vice Chairman and Managing Director of Dixon, who expressed pleasure in partnering with "an iconic global brand" and seeing them as an "ideal strategic partner." Mr. Jerome Chen, CEO of vivo India, stated that the partnership will "effectively complement the current manufacturing operations of vivo India."
The company confirms it has no involvement in the publication of the article/news referred to in the exchange's letter and that there are no regulatory or legal proceedings in this regard.
Financial impact: Not quantified in the disclosure. The transaction remains subject to regulatory approvals and definitive agreements.