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Electronics manufacturing firm Dixon Technologies and Imagine Marketing -- the parent company of earwear brand boat -- have formed a 50:50 joint venture to manufacture Bluetooth enabled audio devices.
The company and Imagine have entered into a joint venture agreement to form a joint venture company for undertaking the manufacture of Bluetooth enabled audio devices, said a regulatory filing by Dixon Technologies.
The proposed JV Company will undertake design and manufacturing of Wireless Audio Solutions in India & the JV partners will co-invest in the evolving Indian mobile accessory market, a joint statement said.
The association will enable the companies to meet the evolving needs of customers by delivering high-quality and aspirational lifestyle-focused hearable solutions, backed by quality manufacturing and robust R&D, it said. Both the companies will nominate two directors each on the board of the JV.
Both the JV Partners i.e. Company and Imagine shall have right to equity shares in proportion to their respective shareholding structure, Dixon said.
The equity shares of the proposed JV Company will be issued to the Company and Imagine in equal proportion i.e. 50:50, it added.
Dixon Technologies Vice Chairman & Managing Director said the company has been manufacturing wearables for boAt since the previous fiscal year and now the business relationship is getting cemented with this Joint Venture.
Through our partnership, we aim to provide boAt with a faster ability to scale up manufacturing in India with our low-cost structure, high quality and superior execution track record. We strive to develop innovative products with boAt for not only the discerning Indian consumers but also for global markets, he said.
Last week, Imagine Marketing had announced to acquire Singapore-based KaHa Pte, an end-to-end smart IoT product development company, a move that will help it to create next-generation IoT enabled wearable products and ecosystem.
While Dixon Technologies had also announced to enter into a JV agreement with Japan-based Rexxam Co Ltd to manufacture printed circuit boards (PCBs) for air-conditioners for the domestic and international markets.
Founded in 1993, Dixon Technologies provides manufacturing and design-focused solutions in consumer durables, home appliances, lighting, mobile phones, security devices, set-top boxes, wearables and medical equipment to customers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, January 18 2022. 14:25 IST