Homegrown contract electronics maker Dixon Technologies (India) has entered into a memorandum of understanding (MoU) with Sunil Mittal-owned Bharti Enterprises to form a joint venture (JV) for manufacturing telecom and networking products.
The JV, to be 74% owned by Dixon and 26% by Bharti Enterprises, will make products like modems, routers, set-top boxes, and IoT devices for telecom players including Airtel.
While Abu Dhabi Investment Authority (ADIA) owned 1.28% of Dixon, Steadview Capital held 2.33% of the company as on December-end 2020.
In September 2020, VCCircle reported that Mumbai-listed Dixon was one of the 11 bidders for bankrupt consumer appliances maker Videocon Industries.
In December that year, VCCircle reported that billionaire businessman Anil Agarwal's family firm got bankers’ approval to acquire 13 companies of Videocon Industries.
Dixon is engaged in manufacturing products for consumer durables, lighting and mobile phones/smartphones markets in India. Its portfolio includes consumer electronics like LED TVs; home appliances like washing machines; lighting products like LED bulbs and tubelights, downlighters; and mobile phones/smartphones.
The company also provides repair and refurbishment services for set-top boxes, mobile phones/smartphones and LED TV panels.
Bharati Enterprises is a New Delhi-based conglomerate which owns businesses spanning manufacturing, telecommunications, agribusiness, financial services, real estate, hospitality, agri and food. It controls India’s second-largest mobile phone operator by subscribers.