Dixon Technologies (India) Limited has executed a joint venture agreement (JVA) and a shareholders' agreement with vivo Mobile India Private Limited (VMI) to incorporate a joint venture company (JV Co.) in India. This JV Co. will undertake the original equipment manufacturer (OEM) business of electronic devices, including smartphones. The shareholding in the JV Co. will be 51% held by Dixon Technologies and 49% by VMI. The JV Co. will initially have a paid-up share capital of ₹5 crore, contributed proportionally by both parties. VMI has received approval from the Government of India, dated July 8, 2026, for the incorporation of the JV Co. and VMI's subscription of shares. The JV Co. will procure certain manufacturing assets and enter into a manufacturing and packaging agreement with VMI to undertake a portion of VMI's OEM orders for smartphones. It may also engage in the OEM business for other brands. This association is expected to bolster Dixon's manufacturing capabilities and strengthen its position in the Android smartphone ecosystem. The transaction is subject to the completion of customary conditions precedent outlined in the JVA, with an outer date for completion set at one year from the execution of the JVA or as mutually agreed. The JV Co. will become a subsidiary of Dixon Technologies post-incorporation. The transaction is being conducted on an arm's length basis.
