Signify (Euronext: LIGHT), the world leader in lighting, and Dixon Technologies (India) Ltd. (NSE: DIXON) have announced their intent to form a joint venture aimed at enhancing manufacturing excellence in India. The proposed joint venture, which is pending necessary regulatory approvals, will focus on producing lighting products and accessories for leading brands in the competitive Indian market.
By leveraging Signify’s global leadership in lighting technologies and Dixon’s expertise in manufacturing, the new venture will produce world-class lighting products and accessories locally. The joint venture will focus on driving innovation and offering cost-competitive products across a broad portfolio, including LED bulbs, downlights, spots, battens, ropes, strips, and LED lighting accessories. Both Signify and Dixon Technologies will hold an equal 50% equity stake in the venture.
Sumit Joshi, Managing Director and CEO of Signify Innovations India Ltd., said, "Aligned with the government’s ‘Make in India’ vision, this proposed joint venture with Dixon Technologies will create a world-class manufacturing company that combines technology leadership, competitive pricing, and superior offerings for our customers. With Signify’s unmatched expertise in lighting technologies and Dixon’s manufacturing excellence, this joint venture will produce high-quality, competitive lighting products in India."
"It gives us immense pleasure to partner with Signify India, the leader in the lighting segment. We see them as an ideal strategic partner that shares our core values of quality, innovation, manufacturing prowess, and customer-centricity. We believe this proposed association will bolster our operational efficiency backed by Signify's process orientation and strong understanding of lighting technologies." said Atul B Lall, Vice Chairman and Managing Director of Dixon Technologies India Ltd.
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