Dixon Technologies India Ltd forms JV with Beetel

Dixon Technologies (India) Limited ("Company"), Beetel Teletech Limited ("Beetel") and Dixon Electro Appliances Private Limited ("Dixon Electro") have entered into a joint venture agreement to form a joint venture company for undertaking the business of manufacture of telecom and networking products, including products that are manufactured in compliance with the 'Production Linked Scheme to Promote Telecom and Networking Products Manufacturing in India' notified by the Ministry of Communications on 24 February 2021 (as amended from time to time) (collectively "Products").

Dixon Electro, presently a wholly-owned subsidiary of the Company, will become the joint venture company. As part of this transaction, Dixon Electro will purchase from Beetel its factory located at Plot Nos 1-4, Rural industrial complex, Humbran Ludhiana-141110, Punjab on a slump sale basis for manufacture of the Products.

The Company does not have any shareholding in Beetel or its group companies. Dixon Electro is a wholly-owned subsidiary of the Company. The proposed shareholding of Dixon Electro (after consummation of the transaction) is - Company: 51% and Beetel: 49%.

Shares of Dixon Technologies (India) Limited was last trading in BSE at Rs. 5591.10 as compared to the previous close of Rs. 5542.20. The total number of shares traded during the day was 33097 in over 6245 trades.

The stock hit an intraday high of Rs. 5720.00 and intraday low of 5510.15. The net turnover during the day was Rs. 186909698.00.

Source : Equity Bulls

Keywords

DixonTechnologiesIndiaLimited INE935N01020 DIXON BeetelTeletech DixonElectroAppliances JVAgreement