Dixon partners with Signify to form joint venture for lighting OEM business

Dixon Technologies and Signify India will jointly set up a new domestic entity to manufacture lighting products, with the transaction expected to close by November 30, 2025

Dixon Technologies (India) Limited and Signify Innovations India Limited have entered into a joint venture agreement to establish a new company in India dedicated to original equipment manufacturing (OEM) of lighting products and accessories.

 

“The Proposed Transaction is expected to be completed by 30 November 2025, subject to completion of conditions precedents,” Dixon stated in a regulatory filing.

 

The joint venture will be structured as a 50:50 partnership, with each company holding equal ownership but contributing in different forms.

Dixon to transfer lighting business, Signify to inject capital

As part of the agreement, Dixon will acquire its 50 per cent stake in the new entity by transferring its existing lighting business, including full ownership of its wholly owned subsidiary Dixon Technologies Solutions Private Limited (DTSPL), to the joint venture. This transfer will occur on a non-cash basis.

 

 

Signify, meanwhile, will acquire its 50 per cent stake by injecting capital into the new company. This cash infusion will enable the JV to acquire Signify’s LED manufacturing business.

 

The valuation of both businesses being transferred will be mutually determined in accordance with applicable regulations. Valuation reports will be obtained to ensure the transaction adheres to arm’s length standards. 

 

Independent JV to be based in India

The new company will be a domestic entity, established and headquartered in India. “Neither the Company (Dixon) nor Signify will have any stake in each other,” the company clarified. Equal board representation from both parties will be maintained until the transaction’s completion.

 

This follows the signing of a binding term sheet between the two companies on 27 March 2025.

Strategic expansion into lighting OEM segment

The partnership aligns with Dixon Technologies’ broader strategy to expand its footprint in India’s lighting ecosystem. The JV will merge Dixon’s manufacturing scale and operational know-how with Signify’s strengths in lighting technology and product innovation.

 

The collaboration aims to build a stronger OEM supply chain in the lighting segment and serve both domestic and global demand more effectively.